Filed pursuant to Rule 424(b)(5)
Registration Number 333-216521

PROSPECTUS SUPPLEMENT TO SEC BASE PROSPECTUS DATED

March 17, 2017

Japan International Cooperation Agency

(An incorporated administrative agency)

U.S.$580,000,000 1.750% Guaranteed Bonds Due April 28, 2031

Unconditionally and Irrevocably Guaranteed

as to Payment of Principal and Interest by

Japan

We will pay interest semi-annually in arrears in equal payments on the $580,000,000 1.750% guaranteed bonds due April 28, 2031 (the “bonds”) on April 28 and October 28 of each year, commencing October 28, 2021. The bonds will mature on April 28, 2031. We may redeem all, but not less than all, of the bonds in the event of certain tax law changes. The redemption terms are described in this prospectus supplement dated April 20, 2021 (this “Supplement”) under “Description of the Bonds and Guarantee—Redemption”. The bonds will be issued only in registered form in denominations of $200,000 and integral multiples of $2,000 in excess thereof. See “Description of the Bonds and Guarantee”.

Approval in-principle has been received for the listing and quotation of the bonds on the Singapore Exchange Securities Trading Limited (the “SGX-ST”). The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions or reports contained in this Supplement and the accompanying prospectus dated March 17, 2017 starting after page S-71 (the “SEC Base Prospectus”). Admission of the bonds to the official list of the SGX-ST is not to be taken as an indication of the merits of JICA, Japan, the bonds or the guarantee.

Neither the United States Securities and Exchange Commission (the “Commission”) nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this Supplement or the SEC Base Prospectus. Any representation to the contrary is a criminal offense.

Prospective investors should consider carefully the factors described under the section headed “Risk Factors” in this Supplement.

	Per Bond		Total
Price to Public(1)		98.982%		$574,095,600
Underwriting Discount		0.175%		$1,015,000
Proceeds, before expenses, to JICA(1)(2)		98.807%		$573,080,600

(1) Plus accrued interest, if any, from April 28, 2021, if settlement occurs after that date.

(2) See “Underwriting”.

The underwriters are offering the bonds subject to various conditions. The underwriters expect to deliver the bonds through the book-entry facilities of The Depository Trust Company (“DTC”), Euroclear Bank SA/NV (“Euroclear”) and Clearstream Banking S.A. (“Clearstream”), against payment on or about April 28, 2021.

J.P. Morgan Barclays Daiwa Capital Markets Europe Morgan Stanley

Prospectus Supplement dated April 20, 2021.

TABLE OF CONTENTS

Supplement

	Page
FOREIGN EXCHANGE CONSIDERATIONS		S-6
INCORPORATION BY REFERENCE		S-7
INTRODUCTION		S-8
RISK FACTORS		S-11
RECENT DEVELOPMENTS		S-15
USE OF PROCEEDS		S-53
DESCRIPTION OF THE BONDS AND GUARANTEE		S-54
GLOBAL CLEARANCE AND SETTLEMENT		S-61
TAXATION		S-64
UNDERWRITING		S-65
VALIDITY OF SECURITIES		S-69
AUTHORIZED AGENTS IN THE UNITED STATES		S-69
EXPERTS		S-69
GENERAL INFORMATION		S-70

SEC Base Prospectus

	Page
ABOUT THIS PROSPECTUS		iii
FORWARD-LOOKING STATEMENTS		iii
WHERE YOU CAN FIND MORE INFORMATION		1
JAPAN INTERNATIONAL COOPERATION AGENCY		2
JAPAN		5
USE OF PROCEEDS		45
DESCRIPTION OF THE DEBT SECURITIES AND GUARANTEE		46
TAXATION		49
PLAN OF DISTRIBUTION		55
AUTHORIZED AGENTS IN THE UNITED STATES		55
VALIDITY OF THE DEBT SECURITIES		55
EXPERTS		56
FURTHER INFORMATION		56

S-2

The bonds have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended) and the bonds are subject to the Act on Special Measures Concerning Taxation of Japan (Act No. 26 of 1957, as amended). The bonds may not be offered or sold in Japan or to, or for the benefit of, residents of Japan or Japanese corporations, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Act of Japan and any other applicable laws, regulations and ministerial guidelines of Japan (see “Underwriting” below). The bonds are not, as part of the initial distribution at any time, to be offered or sold to, or for the benefit of, any person other than a beneficial owner that is, (i) for Japanese tax purposes, neither (x) an individual resident of Japan or a Japanese corporation, nor (y) an individual non-resident of Japan or a non-Japanese corporation that in either case is a person having a special relationship with JICA (that is, in general terms, a person who directly or indirectly controls or is directly or indirectly controlled by, or is under direct or indirect common control with, JICA) as described in Article 6, Paragraph (4) of the Act on Special Measures Concerning Taxation of Japan (a “Specially-Related Party of JICA”) or (ii) a Japanese financial institution, designated in Article 6, Paragraph (11) of the Act on Special Measures Concerning Taxation of Japan. BY SUBSCRIBING FOR THE BONDS, AN INVESTOR WILL BE DEEMED TO HAVE REPRESENTED IT IS A PERSON WHO FALLS INTO THE CATEGORY OF (i) OR (ii) ABOVE.

In addition, interest payments on the bonds will generally be subject to Japanese withholding tax unless it is established that bonds are held by or for the account of a beneficial owner that is (i) for Japanese tax purposes, neither (x) an individual resident of Japan or a Japanese corporation, nor (y) an individual non-resident of Japan or a non-Japanese corporation that in either case is a Specially-Related Party of JICA, (ii) a designated Japanese financial institution described in Article 6, Paragraph (11) of the Act on Special Measures Concerning Taxation of Japan which complies with the requirement for tax exemption under that paragraph, or (iii) a public corporation, a financial institution or a financial instruments business operator, etc. described in Article 3-3, Paragraph (6) of the Act on Special Measures Concerning Taxation of Japan which complies with the requirement for tax exemption under that paragraph.

You should rely only on the information contained or incorporated by reference in this Supplement and the SEC Base Prospectus. We have not authorized anyone to provide you with different information. We are not making an offer of these securities in any jurisdiction where the offer is not permitted. You should not assume that the information contained in or incorporated by reference in this Supplement or the SEC Base Prospectus is accurate as of any date other than the date on the front page of this Supplement or, with respect to information incorporated by reference, as of the date of such information.

In this Supplement, “we”, “our”, “us” and “JICA” refer to Japan International Cooperation Agency.

The spot buying rate for U.S. dollars quoted on the Tokyo foreign exchange market on April 20, 2021, as reported by the Bank of Japan at 5:00 p.m., Tokyo time, was ¥108.41 = $1.00, and the noon buying rate on April 16, 2021 for cable transfers in New York City payable in yen, as reported by the Federal Reserve Bank of New York, was $1.00 = ¥108.78.

References in this Supplement to Japanese fiscal years (“JFYs”) are to 12-month periods commencing in each case on April 1 of the year indicated and ending on March 31 of the following year. References to years not specified as being JFYs are to calendar years. References to “¥”or “yen” are to Japanese yen and references to “$” are to U.S. dollars.

Pursuant to Japanese government directions regarding the presentation of Japanese names in English in official documents, in this Supplement Japanese family names are presented first (in capital letters) and given

S-3

names second. With respect to Japanese names in documents incorporated by reference into this Supplement, the name order is reverse.

The distribution of this Supplement and the SEC Base Prospectus and the offering of the bonds in certain jurisdictions may be restricted by law.

The bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (the “EEA”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); (ii) a customer within the meaning of Directive (EU) 2016/97 (the “IDD”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (the “Prospectus Regulation”). Consequently no key information document required by Regulation (EU) No 1286/2014 (the “PRIIPs Regulation”) for offering or selling the bonds or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the bonds or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

The bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”); (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (“the FSMA”) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014, as it forms part of domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129, as it forms part of domestic law by virtue of the EUWA. Consequently no key information document required by Regulation (EU) No 1286/2014, as it forms part of domestic law by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or selling the bonds or otherwise making them available to retail investors in the United Kingdom has been prepared and therefore offering or selling the bonds or otherwise making them available to any retail investor in the United Kingdom may be unlawful under the UK PRIIPs Regulation.

This Supplement and the SEC Base Prospectus do not constitute, and may not be used in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation. See “Underwriting”.

Neither JICA, Japan nor the underwriters have authorized, nor do they authorize, the making of any offer of the bonds in circumstances in which an obligation arises for JICA or the underwriters to publish a prospectus or supplement a prospectus for such offer. JICA and Japan have not authorized and do not authorize the making of any offer of the bonds through any financial intermediary, other than offers made by the underwriters resulting in sales constituting the final placement of the bonds contemplated in this Supplement and the SEC Base Prospectus.

Solely for the purposes of the product approval process of each person that is a manufacturer for the purposes of the Product Intervention and Product Governance Sourcebook part of the UK FCA’s Handbook, (the “UK Product Governance Rules”), the target market assessment in respect of the bonds has led to the conclusion that: (i) the target market for the bonds is only eligible counterparties, as defined in the Conduct of Business Sourcebook part of the UK FCA’s Handbook, and professional clients, as defined in Regulation (EU) No 600/2014, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018; and (ii) all channels for distribution of the bonds to eligible counterparties and professional clients are appropriate. Any

S-4

person subsequently offering, selling or recommending the bonds, or a distributor, should take into consideration the manufacturers’ target market assessment; however, a distributor subject to the UK Product Governance Rules is responsible for undertaking its own target market assessment in respect of the bonds (by either adopting or refining the manufacturers’ target market assessment) and determining appropriate distribution channels.

IN THE UNITED KINGDOM, THIS SUPPLEMENT AND THE SEC BASE PROSPECTUS ARE FOR DISTRIBUTION ONLY TO PERSONS WHO (I) ARE INVESTMENT PROFESSIONALS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED (THE “ORDER”) OR (II) ARE HIGH NET WORTH COMPANIES AND OTHER PERSONS TO WHOM IT MAY BE LAWFULLY COMMUNICATED, FALLING WITHIN ARTICLE 49(2)(A)-(D) OF THE ORDER (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS “RELEVANT PERSONS”). IN THE UNITED KINGDOM, THIS SUPPLEMENT AND THE SEC BASE PROSPECTUS AND ANY OF THEIR CONTENTS ARE DIRECTED ONLY AT RELEVANT PERSONS AND MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. IN THE UNITED KINGDOM, ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS SUPPLEMENT AND THE SEC BASE PROSPECTUS RELATE IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. ANY PERSON WHO IS NOT A RELEVANT PERSON SHOULD NOT ACT OR RELY ON THIS SUPPLEMENT OR THE SEC BASE PROSPECTUS OR ANY OF ITS CONTENTS.

IN CONNECTION WITH THE ISSUE OF THE BONDS, DAIWA CAPITAL MARKETS EUROPE LIMITED (THE “STABILIZING MANAGER”) (OR ANY PERSONS ACTING ON BEHALF OF THE STABILIZING MANAGER) MAY OVER- ALLOT THE BONDS OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE BONDS AT A LEVEL HIGHER THAN THAT WHICH MAY OTHERWISE PREVAIL. HOWEVER, THERE IS NO ASSURANCE THAT THE STABILIZING MANAGER (OR PERSONS ACTING ON BEHALF OF THE STABILIZING MANAGER) WILL UNDERTAKE STABILIZATION ACTION. ANY STABILIZATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH ADEQUATE PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE BONDS IS MADE AND, IF BEGUN, MAY BE ENDED AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30 DAYS AFTER THE ISSUE DATE OF THE BONDS AND 60 DAYS AFTER THE DATE OF THE ALLOTMENT OF THE BONDS. ANY STABILIZATION ACTION OR OVER-ALLOTMENT MUST BE CONDUCTED BY THE RELEVANT STABILIZING MANAGER (OR PERSONS ACTING ON BEHALF OF THE RELEVANT STABILIZING MANAGER) IN ACCORDANCE WITH ALL APPLICABLE LAWS AND RULES.

S-5

FOREIGN EXCHANGE CONSIDERATIONS

For an investor that is not resident in the United States or does not conduct business or activities in the United States, an investment in the bonds, which are denominated in, and all payments in respect of which are to be made in, U.S. dollars entails significant risks not associated with a similar investment in a security denominated in the investor’s home currency (i.e., the currency of the country in which the investor is resident or the currency in which the investor conducts its business or activities). These include the possibility of:

• significant changes in rates of exchange between the home currency and the U.S. dollar; and

• the imposition or modification of foreign exchange controls with respect to the U.S. dollar.

We have no control over a number of factors affecting this type of bond, including economic, financial and political events that are important in determining the existence, magnitude and longevity of these risks and their results. In recent years, rates of exchange for certain currencies, including the U.S. dollar, have been volatile and this volatility may be expected to continue in the future. Fluctuations in any particular exchange rate that have occurred in the past are not necessarily indicative of fluctuations in the rate that may occur during the term of the bonds. Depreciations of the U.S. dollar against the investor’s home currency could result in a decrease in the investor’s effective yield of the bonds below the coupon rate, and in certain circumstances, could result in a loss to such purchaser on a home currency basis.

The description of foreign currency risks does not describe all the risks of an investment in securities denominated in a currency other than your home currency. Prospective investors should consult their own financial and legal advisors as to the risks involved in an investment in such bonds.

S-6

INCORPORATION BY REFERENCE

Japan’s Annual Report on Form 18-K for the year ended March  31, 2020 (the “Japan 18-K 2020”), JICA’s Annual Report on Form 18-K for the year ended March 31, 2020 (the “JICA 18-K 2020”) and Exhibit 2 to JICA’s Annual Report on Form 18-K for the year ended March 31, 2019 (the “JICA 18-K 2019”) are hereby incorporated by reference and form part of this Supplement.

Any statement contained in a document which is incorporated by reference in this Supplement or the SEC Base Prospectus shall be deemed to be modified or superseded for the purpose of this Supplement to the extent that a statement contained herein or another document incorporated by reference herein modifies or supersedes such earlier statement (whether expressly, by implication or otherwise). Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Supplement. Copies of the documents incorporated by reference in this Supplement or the SEC Base Prospectus are available free of charge at the office of the fiscal agent in London.

The JICA 18-K 2020 contains the following audited financial statements, prepared in accordance with accounting principles generally accepted in Japan (“Japanese GAAP”), beginning on page F-1 of Exhibit 2 to the JICA 18-K 2020:

• the annual audited balance sheet as at March 31, 2020, the related audited statements of income, cash flows and administrative service operations costs for the fiscal year ended March 31, 2020, and the significant accounting policies, notes and detailed statements relating thereto, all in respect of the General Account of JICA; and

• the annual audited balance sheet as at March 31, 2020, the related audited statements of income, cash flows and administrative service operations costs for the fiscal year ended March 31, 2020, and the significant accounting policies, notes and detailed statements relating thereto, all in respect of the Finance and Investment Account of JICA.

Exhibit 2 to the JICA 18-K 2019 contains the following audited financial statements, prepared in accordance with Japanese GAAP, beginning on page F-1 of Exhibit 2 to JICA 18-K 2019:

• the annual audited balance sheet as at March 31, 2019, the related audited statements of income, cash flows and administrative service operations costs for the fiscal year ended March 31, 2019 and the significant accounting policies, notes and detailed statements relating thereto, all in respect of the General Account of JICA; and

• the annual audited balance sheet as at March 31, 2019, the related audited statements of income, cash flows and administrative service operations costs for the fiscal year ended March 31, 2019 and the significant accounting policies, notes and detailed statements relating thereto, all in respect of the Finance and Investment Account of JICA.

S-7

INTRODUCTION

The following is an abstract of certain information contained elsewhere in this Supplement or the SEC Base Prospectus or incorporated by reference herein. More detailed information is contained elsewhere in this Supplement or the SEC Base Prospectus or incorporated by reference herein. You should read carefully this entire Supplement, the SEC Base Prospectus and the other documents we refer to for a complete understanding of this offering.

Issuer Japan International Cooperation Agency.

Issue Date The issue date is April 28, 2021.

Securities Offered $580,000,000 principal amount of 1.750% Guaranteed Bonds Due April 28, 2031

Guarantee Payments of principal of and interest on the bonds are unconditionally and irrevocably guaranteed by Japan.

Maturity Date April 28, 2031

Interest Payment Dates semi-annually on April 28 and October 28 of each year, commencing October 28, 2021.

Interest Rate The bonds will bear interest at a rate of 1.750% per annum, accruing from April 28, 2021. We will pay interest on the bonds semi-annually in arrears in equal payments. Whenever it is necessary to compute any amount of interest in respect of the bonds, that interest will be calculated on the basis of a 360-day year of twelve 30-day months.

Ranking The bonds will be our direct, unsecured debt securities obligations and rank pari passu and be payable without any preference among themselves and at least equally with all of our other unsecured debt securities obligations from time to time outstanding, which rank senior to our unsecured general obligations not represented by debt securities, provided, however, that certain obligations in respect of national and local taxes and certain preferential rights granted by, among others, the Japanese Civil Code to certain specified types of creditors, such as preferential rights of employees to wages, will have preference.

Additional Amounts If certain taxes, as described under “Description of the Bonds and Guarantee”, are payable on the bonds, we will, subject to certain exceptions, pay such additional amounts on the bonds as will result, after deduction or withholding of such taxes, in the payment of the amounts that would have been payable on the bonds if no such deduction or withholding had been required. For further detail on the payment of these additional amounts, see “Description of the Bonds and Guarantee—Additional Amounts”.

Redemption We may redeem all, but not less than all, of the bonds in the event of certain changes relating to Japanese taxation at 100% of the principal amount thereof plus accrued interest thereon and any additional amounts we are required to pay, as described under “Description of the Bonds and Guarantee—Redemption”.

Markets We are offering the bonds for sale only in those jurisdictions other than Japan (subject to certain exceptions) where it is legal to make

S-8

such offers. See “Underwriting” for a description of applicable selling restrictions.

Listing Approval in-principle has been received for the listing and quotation of the bonds on the SGX-ST. The bonds will be traded on the SGX-ST in a minimum board lot size of $200,000 for so long as such bonds are listed on the SGX-ST and the rules of the SGX-ST so provide.

Form and Settlement All bonds will be in registered form, without interest coupons attached. Bonds held outside the United States, referred to as the international bonds, will be represented by beneficial interests in the international global bond, which will be registered in the name of the nominee of the common depositary for, and in respect of interests held through, Euroclear and Clearstream. Bonds held within the United States, referred to as the DTC bonds, will be represented by beneficial interests in one or more DTC global bonds, which will be registered in the name of Cede & Co., as the nominee of DTC. Except as described in this Supplement, beneficial interests in the global bonds will be represented through book-entry accounts of financial institutions acting on behalf of beneficial owners as direct and indirect participants in DTC, Euroclear and Clearstream, and owners of beneficial interests in the global bonds will not be entitled to have bonds registered in their names, will not receive or be entitled to receive bonds in definitive form and will not be considered holders of bonds under the fiscal agency agreement relating to the bonds. The bonds will be sold only in denominations of $200,000 and integral multiples of $2,000 in excess thereof. For further information on book-entry procedures, see “Description of the Bonds and Guarantee—Form, Denominations and Registration”.

Investors electing to hold their bonds through DTC will follow the settlement practices applicable to U.S. corporate debt obligations. The securities custody accounts of investors will be credited with their holdings against payment in same-day funds on the settlement date.

Investors electing to hold their bonds through Euroclear or Clearstream accounts will follow the settlement procedures applicable to conventional eurobonds in registered form. Bonds will be credited to the securities custody accounts of Euroclear holders and of Clearstream holders against payment in same-day funds on the settlement date. For information on secondary market trading, see “Global Clearance and Settlement—Secondary Market Trading”.

Fiscal Agent, Principal Paying Agent and Transfer Agent MUFG Bank, Ltd., London Branch, also acting through U.S. Bank National Association.

Common code 233604968 (DTC global bond); 233444863 (international global bond)

CUSIP 47109LAE4

ISIN US47109LAE48 (DTC global bond); XS2334448631 (international global bond)

S-9

Risk Factors Your investment in the bonds will involve risks. You should consider carefully the factors described under the section headed “Risk Factors” in this Supplement and the other information in this Supplement, the SEC Base Prospectus and the documents incorporated herein or therein before deciding whether an investment in the bonds is suitable for you.

S-10

RISK FACTORS

We believe that the following factors may affect our ability to fulfil our obligations under our bonds. All of these factors are contingencies which may or may not occur and we are not in a position to express a view on the likelihood of any such contingency occurring.

Factors which we believe may be material for the purpose of assessing the market risks associated with our bonds are also described below.

We believe that the factors described below represent the principal risks inherent in investing in our bonds. Prospective investors should carefully consider these factors in conjunction with the detailed information set out elsewhere in this Supplement and the SEC Base Prospectus (including any documents or information incorporated by reference herein), and reach their own views prior to making any investment decision.

Risks Relating to the Economic Impact of COVID-19 and the Japanese Economy in General

Prospective investors in our bonds should be aware of the challenges faced by the Japanese economy. The Japanese economy continues to face challenges due to uncertainty about the economic prospects of the global economy. In particular, recent global economic conditions have significantly weakened due to extensive disruptions in economic activity and volatility in financial markets caused by the pandemic of COVID-19 and the measures implemented in many countries to prevent the spread of infections. In Japan, the central and local governments have imposed a number of such measures, including travel restrictions, school closures and social distancing measures requesting residents to refrain from leaving their homes for non-essential activities and requesting certain businesses to close or restrict their operations. Although the state of emergency was declared in April 2020 was lifted in May 2020, on January 7, 2021, in response to an increase in COVID-19 infections in certain regions of the country, the Prime Minister again declared a state of emergency covering Tokyo and neighboring prefectures and scheduled to remain in effect until February 7, 2021. On January 13, 2021, the Prime Minister extended the new state of emergency to target major regions throughout Japan where a rapid increase in infections had been observed. On February 2, 2021, the Prime Minister extended the state of emergency to March 7, 2021, except for Tochigi prefecture. The state of emergency was gradually lifted in some regions where new cases of infections decreased, however, it remained in place in other regions including Tokyo until March 21, 2021. Although the state of emergency was lifted on the remaining regions as planned on March 21, 2021, due to an increase in infection rates, on April 1, 2021 and subsequently on April 9, 2021, public notices were issued announcing that Miyagi, Osaka and Hyogo prefectures and certain areas of Tokyo, Kyoto and Okinawa prefectures, respectively, had been designated as areas where priority measures to prevent the spread of infections will be implemented. Such measures are scheduled to remain in place until May 11, 2021 for Tokyo and May 5, 2021 for the other designated areas. Accordingly, the central and local governments throughout the country continue to impose a number of measures, including travel restrictions, health and safety guidelines for businesses deemed particularly susceptible to infections, social distancing measures and promoting vaccination. Furthermore, the Prime Minister may declare an additional state of emergency or other measures for other parts of Japan at any time based on certain factors, such as an increase in infection rates, which could lead to a renewed tightening of such measures. See “Recent Developments—Japan—General—COVID-19” below. As a result of the COVID-19 pandemic and the measures implemented to contain its spread, Japan and many other major economies reported economic contractions in the first and second quarters of 2020. Although Japan and some other economics reported economic growth in the third quarter of 2020, it is unclear whether this trend of recovery will continue. In recent months, many countries, including Japan, have reported increases in COVID-19 infections. In response to the increase in infections, some countries have introduced additional lockdown and other restrictive measures, which could have an impact on global economic conditions. The magnitude and duration of the economic impact of COVID-19 remains highly uncertain, and it is possible that the pandemic could result in a prolonged economic slowdown in Japan and globally, which could differ significantly in terms of severity and duration depending on the country. The Japanese economy is also exposed to continuing structural challenges including the decline in the labor market, the high level of public debt, prolonged deflation. In addition, it could be affected by the uncertainty relating to geopolitical conditions including recent tension between the United State and China. Although the export sector has shown signs of recovery, the external

S-11

demand in global economy including emerging economies could remain weakened due to the COVID-19 pandemic.

Although the Japanese government and the Bank of Japan are pursuing expansionary monetary, fiscal and economic measures in an effort to mitigate the impact of the COVID-19 pandemic, including emergency economic measures aimed at supporting businesses and individuals affected and monetary easing measures implemented by the Bank of Japan, including the continuation of the Bank of Japan’s negative interest rate policy and framework for quantitative and qualitative monetary easing first introduced in 2016, the effect of such measures remains unclear. In addition, increased spending for economic stimulus measures could negatively impact Japan’s fiscal condition due to the higher level of public debt. Partially in response to the planned increase in public spending in Japan, in June 2020, S&P Global Ratings lowered its outlook on Japan’s sovereign credit rating from positive to stable. In addition, in July 2020, Fitch Ratings lowered its outlook on Japan’s sovereign credit rating from stable to negative. Further challenges for the Japanese economy include an increased dependence on liquefied natural gas (LNG) and other energy imports as a result of the nuclear accident at the Fukushima Daiichi Nuclear Plant in 2011 and suspension of operations at other nuclear power plants, volatile exchange rates and, over the long term, demographic challenges, such as the decline in the labor market due to an aging and decreasing population, and high levels of public debt and associated debt servicing payments. Further slowdowns in overseas economies and sharp fluctuations in the financial and capital markets also pose downside risks to the Japanese economy.

Risks Relating to JICA

As a government-affiliated financial institution established to implement the ODA policies of the Japanese government, JICA’s business and financial condition may be adversely affected by the policies of the Japanese government.

In particular, JICA has undergone significant transformations in its history, first through the re-establishment of JICA from a special public institution into an incorporated administrative agency in October 2003 pursuant to the Act of the Incorporated Administrative Agency—Japan International Cooperation Agency (the “JICA Act”) and then through various changes following the enactment of the Act for Partial Amendments to the Act of the Incorporated Administrative Agency—Japan International Cooperation Agency, which amended the JICA Act. Pursuant to such amendment, inter alia, Finance and Investment operations previously managed by Japan Bank for International Cooperation, a government-affiliated financial institution of Japan, and a portion of Grant Aid (see “Japan International Cooperation Agency—Operations” in the JICA 18-K 2020) provided by the Ministry of Foreign Affairs of Japan (“MOFA”) were succeeded by JICA. Any further reforms to the operational scope and organizational structure of JICA, whether through amendment of the laws and regulations underpinning JICA’s existence or otherwise, may have a material effect on the operations of JICA.

In addition, JICA’s business and financial condition may be negatively affected by the spread of COVID-19 and the resulting impact on governments and/or government agencies to whom JICA implements the Japanese ODA schemes (see “Recent Developments—JICA—Overview” below) and general economic conditions and financial markets.

In March 2020, the World Bank and the International Monetary Fund (IMF) published a letter requesting a temporary suspension of debt service payments to be made by some developing countries, named the Debt Service Suspension Initiative (DSSI), with the aim of fulfilling their liquidity needs. The DSSI was adopted at the G20 Finance Ministers and Central Bank Governors Meeting, and the Paris Club, an international group focusing on debt, in April 2020. It was agreed to extend the grace period for debt payments under the DSSI for six months until the end of June 2021, and to implement debt restructuring measures on a case-by-case basis as needed at the meeting of the G20 Finance Ministers and Central Bank Governors in October 2020 and an additional special meeting in November 2020. Furthermore, in April 2021, the G20 Finance Ministers and Central Bank Governors agreed to its further extension by six months until the end of December 2021. Implementing the suspension based on the DSSI has already had an adverse impact on JICA’s interest income and other revenues. Furthermore, under the Common Framework for Debt Treatments beyond the DSSI that the

S-12

G20 agreed to in November 2020, debtors in low-income countries in particular may benefit from additional debt restructuring measures, which could require JICA to increase the allowance for loan losses and the provision for contingent losses starting in the fiscal year ending March 31, 2021. These increases in turn may have an adverse impact on JICA’s profit and loss and financial condition for the fiscal year ending March 31, 2021 and beyond.

Risks Relating to the Market Risk of Bonds Generally

Interest rate risk

Investment in the bonds involves the risk that subsequent changes in market interest rates may adversely affect the value of the bonds.

Exchange rate risk

Prospective investors in the bonds should be aware that an investment in the bonds may involve exchange rate risks. The bonds may be denominated in a currency other than the currency of the investor’s home jurisdiction and/or in a currency other than the currency in which an investor wishes to receive funds. Exchange rates between currencies are determined by factors of supply and demand in the international currency markets which are influenced by macroeconomic factors, speculation and central bank and government intervention (including the imposition of currency controls and restrictions). Fluctuations in exchange rates may affect the value of the bonds. See “Foreign Exchange Considerations”.

The secondary market generally

The bonds may have no established trading market when issued, and one may never develop. If a market does develop, it may not be sufficiently liquid. Therefore, investors may not be able to sell their bonds easily or at prices that will provide them with a yield comparable to similar investments that have a developed secondary market. Although approval in-principle has been received from the SGX-ST for the listing and quotation of the bonds on the SGX-ST, there is also no assurance that an active trading market will develop. Illiquidity may have a severely adverse effect on the market value of the bonds.

Risks Relating to our Bonds

The bonds may not be suitable for all investors

Each potential investor in the bonds must determine the suitability of that investment in light of its own circumstances. In particular, each potential investor should:

• have sufficient knowledge and experience to make a meaningful evaluation of the bonds and the guarantee, the merits and risks of investing in the bonds and the information contained in this Supplement and the SEC Base Prospectus;

• have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular financial situation, an investment in the bonds and the impact such investment will have on its overall investment portfolio;

• have sufficient financial resources and liquidity to bear all of the risks pertaining to an investment in the bonds;

• thoroughly understand the terms and conditions of the bonds as summarized in “Description of the Bonds and Guarantee” and be familiar with the behavior of any relevant markets; and

• be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic, interest rate and other factors including those set forth in this “Risk Factors” section that may affect its investment and its ability to bear the applicable risks.

S-13

Limited liquidity

The fact that the bonds may be listed does not necessarily assure liquidity. No assurance can be given that there will be a market for the bonds. If the bonds are not traded on any securities exchange, pricing information for such bonds may be more difficult to obtain, and the liquidity and market prices of such bonds may be adversely affected. The liquidity of the bonds may also be affected by restrictions on offers and sales of the bonds in some jurisdictions. The underwriters may from time to time make a market in the bonds but are under no obligation to do so and, if a market does develop, it may not continue until the maturity of all the bonds.

Bonds subject to optional redemption by JICA

Redemption of the bonds in circumstances of changes in applicable laws or treaties may limit their market value. During any period when JICA may elect to redeem the bonds, the market value of the bonds generally will not rise substantially above the price at which they can be redeemed.

Legal investment considerations may restrict certain investments

The investment activities of certain investors are subject to investment laws and regulations, or review or regulation by certain authorities. Each potential investor should consult its own legal advisers to determine whether, and to what extent (i) the bonds are legal investments for it, (ii) the bonds can be used as collateral for various types of borrowing and (iii) other restrictions may apply to its purchase or pledge of the bonds. In addition, financial institutions should consult their own legal advisers or the appropriate regulators to determine the appropriate treatment of the bonds under any applicable risk-based capital or similar rules.

Credit rating of the bonds may not reflect all risks and may be downgraded

It is expected that the bonds will be assigned a credit rating by a credit rating agency. The rating assigned to the bonds may not reflect the potential impact of all risks related to structure, market, additional factors discussed above, and other factors that may affect the value of the bonds. A downgrade or potential downgrade in the rating or the assignment of new rating that is lower than the existing rating could reduce the number of potential investors in the bonds and adversely affect the price and liquidity of the bonds. A credit rating is based upon information furnished by JICA or obtained by the rating agency from its own sources and is subject to revisions, suspension or withdrawal by the rating agency at any time. A credit rating is not a recommendation to buy, sell or hold securities. Any adverse change in an applicable credit rating could affect the trading price for the bonds.

S-14

RECENT DEVELOPMENTS

JICA

Overview

JICA is an incorporated administrative agency established in October 2003 pursuant to the JICA Act. JICA’s main objective is to contribute to the promotion of international cooperation as well as the sound development of the Japanese and global economy by supporting the socioeconomic development, recovery or economic stability of developing regions. JICA is currently the sole implementing agency for all major Japanese Official Development Assistance (“ODA”) schemes and is irreplaceable by the private sector. The major Japanese ODA schemes are separated into three categories—Technical Cooperation, Grant Aid and Finance and Investment. JICA has set three pillars to commit in addressing the SDGs—Goal 3: Good Health and Well-being; Goal 4: Quality Education; and Goal 11: Sustainable Cities and Communities—as key development issues and strives to address these agendas through its development assistance.

JICA selects projects through a rigid process that involves evaluation based on OECD-DAC Criteria for Evaluating Development Assistance, review by external experts and approval by the Japanese government.

As the agency implementing the major Japanese ODA schemes, JICA strives to alleviate social issues that many developing countries face. For example, around the world, JICA has contributed through its projects to expanded food production, distribution of the Maternal and Child Health (MCH) Handbook, mathematics and science education, access to safe water, clean energy, development of industrial human resources, disaster risk reduction, advanced technology for environmental conservation and the activities of Japan Overseas Cooperation Volunteers. JICA also collaborates with partner countries to respond to the COVID-19 crisis through the rapid deployment of medical equipment and the training of medical staff. Furthermore, as of August 2020, JICA staff have begun to return to their assigned countries to accelerate our operations. By continuing our comprehensive social and economic cooperation, JICA will make further efforts to prevent COVID-19 from causing longstanding damage to our partner countries.

Regarding JICA’s financial soundness, the Japanese government can, if deemed necessary, inject additional capital with the amount specified in the budgets to JICA pursuant to the JICA Act. Finance and Investment Account has maintained net profit in annual profit and loss since JFY 1997 (except for JFY 2002), and retained earnings are retained internally until they accumulate to an amount equivalent to share capital.

Response to COVID-19

The rapid spread of COVID-19 has threatened the health and livelihoods of people across the world. The pandemic has damaged global economies, pushed millions of additional people into extreme poverty and negatively impacted future generations by disrupting their opportunities to receive education. Under our mission to realize Human Security, JICA has been long contributing to efforts for medical treatments and prevention to infection diseases. For example, in the early twentieth century, Dr. NOGUCHI Hideyo, a Japanese scientist, worked hard to find the major causes of disease transmission. In his name, Ghana established the Noguchi Memorial Institute for Medical Research with Japan’s cooperation. This institute is now not only conducting 80% of Ghana’s PCR testing to diagnose COVID-19, but also training laboratory technicians in West Africa.

Responding to the urgent needs of developing countries, caused by COVID-19, JICA fully utilizes our human resources and organizational networks, which we have developed over the years. Our cooperation includes support for local production of safe PPE (personal protective equipment) for health workers, provision of water treatment chemicals, community awareness of hygiene and sanitation and capacity enhancement for testing and diagnosis, etc. In addition, Graduates of JICA’s training program are addressing the COVID-19 pandemic in their respective countries.

S-15

As of March 31, 2021, JICA has also extended COVID-19 Crisis Response Emergency Support Loan to 15 countries totaling around 415 billion yen, pursuant to which it aims to mitigate the negative social and economic impact of COVID-19 by providing budgetary support.

Based on Prime Minister SUGA Yoshihide’s statement at the UN General Assembly on September 25, 2020, JICA strengthens health and medical systems in developing countries for the goal of “leaving no one’s health behind”. Developing hard infrastructures in combination with soft components of cooperation based on Japan’s experiences, JICA will take a holistic approach focusing on prevention, precaution and treatment.

Measures to Address Climate Change

In line with the Japanese Government’s commitment to aim to reduce greenhouse gas emissions to net-zero by 2050, JICA supports countries’ efforts to transition to low/zero carbon societies, from both financial and technical perspectives. In addition, to realize climate-resilient societies, JICA promotes cooperation with respect to climate change adaptation measures in developing countries, such as disaster risk reduction, irrigation and selective breeding of crops.

In December 2020, the Japanese government further tightened its criteria to curb financing coal-fired power plants overseas and in principle will not provide support for new coal-fired power projects. Going forward, Japan will consider support for ultra-supercritical power plants utilizing coal only when certain conditions are met.

In this context, JICA seeks to provide support not only for a single power generation project but also comprehensive support for a recipient country’s transition efforts by strengthening engagement in energy and climate change policies.

Budget

The following table sets forth summary budget information in terms of budgeted expenses for the three main arms of operations of JICA for JFY 2019, JFY 2020, and JFY 2021:

Budget for Three Main Arms of Operations

	For the year ended		For the year ended		For the year ending
	March 31, 2020		March 31, 2021		March 31, 2022
	(in billions of yen)
Finance and Investment	¥	1,395.0	¥	1,650.0	¥	1,500.0
Technical Cooperation		156.5		155.8		153.2
Grant Aid		163.1		163.2		163.2
Total	¥	1,714.6	¥	1,969.0	¥	1,816.4

S-16

Finance and Investment

The following table provides breakdowns of JICA’s Finance and Investment operations in terms of commitment amount by geographical region, sector and income classification for JFY 2019:

Finance and Investment

(ODA Loans and PSIF)

	For the year ended March 31, 2020
	(%)
Distribution by Region
Asia		81.6
Africa		7.9
Middle East		7.2
North and Latin America		2.5
Pacific		0.3
Others		0.4
Total		100.0
Distribution by Sector
Transportation		36.0
Electric Power and Gas		32.3
Social Services		22.5
Agriculture, Forestry and Fisheries		4.1
Program Loans		2.4
Others		2.7
Total		100.0
Distribution by Income Classification
Lower-Middle-Income Countries		58.0
Least Developed Countries or Low-Income Countries		24.0
Upper-Middle-Income Countries		15.0
Low-Income-Least Developed Countries		3.0
Total		100.0

Funding

Finance and Investment operations are funded in accordance with the government of Japan’s ODA commitments and carried out in line with policies implemented by the Japanese Cabinet, and JICA is authorized by statute to borrow from the Japanese government on a long-term basis or issue bonds in order to fund these operations. Over the past five fiscal years, the amount of available funding for JICA’s Finance and Investment operations under JICA’s funding plan has increased, as shown in the following table:

Finance and Investment Account Funding Plan

	JFY 2017		JFY 2018		JFY 2019		JFY 2020		JFY 2021
	(in billions of yen)
Contribution from the government	¥	45.2	¥	46.0	¥	46.8	¥	47.5	¥	47.0
Fiscal Investment and Loan Program (FILP)(1)		548.7		618.4		549.2		820.2		678.4
Borrowing from FILP		482.7		552.4		485.2		754.2		614.4
Government-guaranteed bonds		66.0		66.0		64.0		66.0		64.0
FILP Agency Bonds(2)		80.0		80.0		80.0		80.0		140.0
Others		598.1		618.6		719.0		702.3		634.6
Total	¥	1,272.0	¥	1,363.0	¥	1,395.0	¥	1,650.0	¥	1,500.0

S-17

Notes:

(1) See “Japan—Fiscal Investment and Loan Program”.

(2) Refers to non-government-guaranteed domestic bonds issued pursuant to FILP.

Funding Track Record

Pursuant to JICA’s authority to issue bonds to fund its Finance and Investment operations, JICA has developed a track record of issuing bonds in both domestic and international markets.

Since December 2008, JICA has issued 58 non-government-guaranteed bonds in domestic markets, totaling ¥730 billion. The following table provides JICA’s issuance record of non-government-guaranteed bonds since June 2018:

Bond	Issue Date	Amount		Coupon		Term
		(in billions of yen)		(%)		(years)
44th	June 28, 2018		15		0.200		10
45th	June 28, 2018		10		0.559		20
46th	September 20, 2018		20		0.664		20
47th	December 20, 2018		15		0.636		20
48th	June 20, 2019		10		0.059		10
49th	June 20, 2019		10		0.333		20
50th	September 20, 2019		12		0.055		10
51st	December 20, 2019		18		0.538		30
52nd	March 19, 2020		10		0.055		10
53rd	June 26, 2020		10		0.160		10
54th	June 26, 2020		13		0.445		20
55th	September 28, 2020		10		0.150		10
56th	September 28, 2020		12		0.459		20
57th	December 25, 2020		10		0.130		10
58th	December 25, 2020		5		0.420		20

Since November 2014, JICA has issued five government-guaranteed bonds in international market, totaling $2,500 million. The following table provides JICA’s issuance record of government-guaranteed bonds:

Bond	Issue Date	Amount		Coupon		Term
		(in millions of dollars)		(%)		(years)
1st	November 13, 2014	$	500		1.875		5
2nd	October 20, 2016		500		2.125		10
3rd	April 27, 2017		500		2.750		10
4th	June 12, 2018		500		3.375		10
5th	July 22, 2020		500		1.000		10

S-18

Summary Financial Information

The table below sets forth summary unaudited financial information of the Finance and Investment Account of JICA as of and for the six months ended September 30, 2020, derived from Japanese financial statements which are prepared in accordance with accounting principles for incorporated administrative agencies generally accepted in Japan. As of September 30, 2020, government investment by Japan contributed to ¥8,168 billion of net assets on the balance sheet of JICA’s Finance and Investment Account and the capital ratio, calculated as total net assets divided by total assets, was 76.41%.

Balance Sheet

(as of September 30, 2020)

Finance and Investment Account

							(Unit: Yen)
Assets
I	Current assets
		Cash and deposits			291,121,337,203
		Loans	12,728,652,918,970
		Allowance for loan losses*	(144,421,523,200	)	12,584,231,395,770
		Advance payments			15,345,886,455
		Prepaid expenses			16,272,554
		Accrued income
		Accrued interest on loans	29,223,033,498
		Accrued commitment charges	369,589,660
		Accrued interest	5,063,054		29,597,686,212
		Accounts receivable			328,952,508
		Goods in transit			8,585,149
		Advances paid			6,526,365
		Short-term guarantee deposits			7,130,000,000
		Total current assets				12,927,786,642,216
II	Non-current assets
	1	Tangible assets
		Buildings	4,053,208,160
		Accumulated depreciation	(1,284,991,248	)
		Accumulated impairment loss	(664,850,656	)	2,103,366,256
		Structures	98,256,953
		Accumulated depreciation	(32,629,877	)
		Accumulated impairment loss	(11,670,468	)	53,956,608
		Machinery and equipment	199,912,120
		Accumulated depreciation	(77,407,002	)
		Accumulated impairment loss	(102,287,680	)	20,217,438
		Vehicles	563,887,214
		Accumulated depreciation	(293,854,137	)	270,033,077
		Tools, furniture, and fixtures	753,128,927
		Accumulated depreciation	(569,855,414	)	183,273,513
		Land	12,703,270,000
		Accumulated impairment loss	(6,091,196,973	)	6,612,073,027
		Total tangible assets			9,242,919,919
	2	Intangible assets
		Trademark rights			193,975
		Software			4,589,258,400
		Software in progress			681,508,165
		Total intangible assets			5,270,960,540

S-19

						(Unit: Yen)
3	Investments and other assets
	Investment securities			3,696,104,386
	Shares of affiliated companies			73,840,144,727
	Money held in trusts			48,241,056,324
	Claims probable in bankruptcy, claims probable in rehabilitation, and other	87,062,884,239
	Allowance for loan losses	(87,062,884,239	)	0
	Long-term prepaid expenses			13,685,383
	Long-term guarantee deposits			678,984,316
	Total investments and other assets			126,469,975,136
	Total non-current assets				140,983,855,595
	Total assets					13,068,770,497,811

S-20

Liabilities
I	Current liabilities
		Current portion of borrowings from government fund for Fiscal Investment and Loan Program		102,979,987,000
		Accounts payable		3,018,763,642
		Accrued expenses		5,342,909,708
		Derivatives		9,858,920,292
		Lease obligations		80,839,402
		Deposits received		10,284,292,588
		Unearned revenue		7,375,788
		Provisions
		Provision for bonuses	352,861,465
		Provision for contingent losses*	1,822,226,830	2,175,088,295
		Suspense receipts		354,823,004
		Total current liabilities				134,102,999,719
II	Non-current liabilities
		Bonds		886,776,200,000
		Discounts on bonds payable		(511,657,701	)
		Borrowings from government fund for Fiscal Investment and Loan Program		2,051,837,388,000
		Long-term lease obligations		31,776,507
		Long-term deposits received		5,747,467,146
		Provision for retirement benefits		4,257,838,550
		Asset retirement obligations		70,374,150
		Total non-current liabilities				2,948,209,386,652
		Total liabilities						3,082,312,386,371
Net assets
I	Capital
		Government investment		8,167,637,840,510
		Total capital				8,167,637,840,510
II	Retained earnings
		Reserve fund		1,799,525,577,448
		Unappropriated income for the current business year		28,300,756,530
		[Total income for the current business year]		[28,300,756,530	]
		Total retained earnings				1,827,826,333,978
III	Valuation and translation adjustments
		Valuation difference on shares of affiliated companies		27,260,767,872
		Valuation difference on available-for-sale securities		2,386,070,861
		Deferred gains or losses on hedges		(38,652,901,781	)
		Total valuation and translation adjustments				(9,006,063,048	)
		Total net assets						9,986,458,111,440
		Total liabilities and net assets						13,068,770,497,811

* Allowance for loan losses of ¥231,484 million and provision for contingent losses of ¥1,822 million were appropriated on the assumption that the influence of COVID-19 will be eliminated by vaccination and improved therapy as well as continuous social distancing, as a result of which economic activity will gradually recover in 2021, as well as upon taking into account the circumstances of each debtor. These assumptions are consistent with the baseline scenario of the World Economic Outlook (WEO) announced by the IMF in October 2020. Since the situation related to COVID-19 is expected to remain highly uncertain worldwide, we may need to increase the allowance for loan losses and provision for contingent losses in subsequent fiscal years if, for example, the debtors’ credit standing deteriorates beyond our expectations over the medium to long term.

S-21

Statement of Income

(April 1, 2020–September 30, 2020)

Finance and Investment Account

			(Unit: Yen)
Ordinary expenses
Expenses related to operations of cooperation through finance and investment
Interest on bonds and notes	4,291,705,091
Interest on borrowings	5,784,765,311
Interest on interest rate swaps	2,867,179,191
Other Interest expenses	100,419,436
Operations consignment expenses	6,229,864,951
Bond issuance cost	379,962,160
Personnel expenses	1,844,445,902
Provision for bonuses	352,861,465
Retirement benefit expenses	138,233,394
Operating and administrative expenses	5,279,341,323
Depreciation	973,999,095
Taxes	94,427,992
Loss on valuation of investment securities	580,597,542
Loss on valuation of shares of affiliated companies	152,744,048
Loss on investment in money held in trust	5,008,746,602
Provision for allowance for loan losses	2,368,769,217	36,448,062,720
Total ordinary expenses				36,448,062,720
Ordinary revenues
Revenues from operations of cooperation through finance and investment
Interest on loans	62,464,920,120
Dividends on investments	67,947,472
Commissions	1,296,003,682
Foreign exchange gains	225,454,825
Reversal of provision for allowance for contingent losses	220,651,102
Other ordinary revenues	412,837,896	64,687,815,097
Financial revenues
Interest income	13,041,123	13,041,123
Miscellaneous income		49,674,930
Total ordinary revenues				64,750,531,150
Ordinary income				28,302,468,430
Extraordinary losses
Loss on disposal of non-current assets		1,668,419
Loss on sales of non-current assets		265,547		1,933,966
Extraordinary income
Gain on sales of non-current assets		222,066		222,066
Net income				28,300,756,530
Total income for the current business year				28,300,756,530

S-22

The following table shows the ratio of JICA’s risk-monitored loans, which includes loans to debtor in legal bankruptcy, past due loans, loans in arrears by three months or more and restructured loans, to total loans receivable, as of the dates indicated:

	As of March 31,									As of September 30
	2018			2019			2020			2020
	(in billions of yen except for ratio)
Loans to Debtor in Legal Bankruptcy		—			—			—			—
Past Due Loans	¥	87		¥	87		¥	87		¥	87
Loans in Arrears by Three Months or More		—			—			—			0
Restructured Loans		655			609			474			472
Total (A)	¥	742		¥	696		¥	561		¥	559
Balance of Loans Receivable (B)		12,092			12,387			12,702			12,816
A / B (%)		6.14	%		5.62	%		4.41	%		4.36	%

S-23

Board Members

The names, current positions and previous positions of executive officers and auditors as of October 1, 2020 are as follows:

Title	Name	Date of appointment	Previous position
President	KITAOKA Shinichi	October 1, 2015 (Reappointment)	President, the International University of Japan
Executive Senior Vice President	YAMADA Junichi	May 23, 2020	Senior Vice President, JICA
Senior Vice President	UESHIMA Takumi	December 1, 2018 (Reappointment)	Chief Secretary, Office of President, JICA
Senior Vice President	AMANO Yusuke	April 1, 2019 (Reappointment)	Director, Watershed Management, Sewerage Management Department, Water and Disaster Management Bureau, MLIT
Senior Vice President	KAYASHIMA Nobuko	October 1, 2019	Vice President, JICA/ Principal Research Fellow, JICA Research Institute
Senior Vice President	YOKOYAMA Tadashi	October 1, 2019	Deputy Vice Minister for international affairs, Ministry of Finance
Senior Vice President	NAKAZAWA Keiichiro	May 23, 2020	Director General, Operations Strategy Department, JICA
Senior Vice President	SHIBATA Hironori	July 1, 2020	Deputy Director-General for International Trade Policy of the Trade Policy Bureau, Ministry of Economy, Trade and Industry of Japan
Senior Vice President	NAKAMURA Toshiyuki	October 1, 2020	Director General, Governance and Peacebuilding Department, JICA
Senior Vice President	YAMANAKA Shinichi	October 1, 2020	Chief Representative, Indonesia Office, JICA
Auditor	MACHII Hiromi	January 1, 2014 (Reappointment)	Compliance Officer, SG ASSETMAX CO., LTD.
Auditor	HAYAMICHI Nobuhiro	July 1, 2017	Senior Audit Manager, Internal Audit Office, PANASONIC HEALTHCARE HOLDINGS Co., Ltd.
Auditor	TOGAWA Masato	February 1, 2019	Director General, Personnel Department, JICA

(1) Senior vice presidents and auditors are listed in the order of their appointment.

(2) Number of executive officers and auditors: pursuant to Article 7 of the JICA Act, there shall be one president and three auditors, and there may be one executive senior vice president and up to eight senior vice presidents.

(3) Terms of office of executive officers and auditors: Pursuant to Article 21 of the Act on General Rules for Incorporated Administrative Agencies, the term of office of the president is from the date of appointment until the last day of the mid-term plan currently in effect at the time of the appointment, and the term of office of each auditor is from the date of appointment until the date that the audited financial statements covering the final fiscal year of the mid-term plan for which such auditor is responsible are approved. Pursuant to Article 9 of the JICA Act, the term of office of the executive senior vice president, if any, is four years, and the term of office of the senior vice presidents, if any, is two years.

S-24

Japan

The following information and tables update the information and tables relating to Japan in the Japan 18-K 2020 and the SEC Base Prospectus. The following section has been updated to reflect current information and has not been revised in its entirety. In the following section, information pertaining to previous years is provided solely for your convenience.

GENERAL

COVID-19

The COVID-19 pandemic is currently having an adverse impact on the global economy, the severity and duration of which is difficult to predict. In Japan, although the state of emergency declared in April 2020 was lifted in May 2020, on January 7, 2021, in response to an increase in COVID-19 infections in certain regions of the country, the Prime Minister of Japan again declared a state of emergency covering Tokyo, Chiba, Kanagawa and Saitama prefectures and scheduled to remain in effect until February 7, 2021. On January 13, 2021, the Prime Minister extended the new state of emergency to also cover Tochigi, Gifu, Aichi, Kyoto, Osaka, Hyogo and Fukuoka prefectures. On February 2, 2021, the Prime Minister extended the state of emergency to March 7, 2021 except for Tochigi prefecture. Although the state of emergency covering Gifu, Aichi, Kyoto, Osaka, Hyogo and Fukuoka prefectures was lifted on February 26, 2021, on March 5, the Prime Minister further extended the state of emergency to March 21, 2021 for the remaining prefectures. Although the state of emergency was lifted on the remaining regions as planned on March 21, 2021, due to an increase in infection rates, on April 1, 2021 and subsequently on April 9, 2021, public notices were issued announcing that Miyagi, Osaka and Hyogo prefectures and certain areas of Tokyo, Kyoto and Okinawa prefectures, respectively, had been designated as areas where priority measures to prevent the spread of infections will be implemented. Such measures are scheduled to remain in place until May 11, 2021 for Tokyo and May 5, 2021 for the other designated areas. In addition, the central and local governments throughout the country continue to impose a number of measures aimed at controlling the spread of COVID-19, including travel restrictions, health and safety guidelines for businesses deemed particularly susceptible to infections, social distancing measures and promoting vaccination. The significant disruption in economic activity as a result of the COVID-19 pandemic and the measures taken in response to the COVID-19 pandemic have had a significant negative impact on overall economic conditions in Japan. According to the Monthly Economic Report published by the Cabinet Office of Japan for March 2021 published on March 23, 2021, although there are signs that the declining trend in economic conditions in Japan is starting to ease (such as an increase in exports and signs of improving business investment, industrial production and corporate profits), economic conditions in Japan continue to be weak as a result of the COVID-19 pandemic, including negative employment conditions. Any increase in COVID-19 infections in Japan could adversely impact economic conditions, including as a result of countermeasures such as the state of emergency declared on January 7, 2021 and any additional restrictive measures being implemented by the central and local governments in the future. The duration and extent of the economic impact of COVID-19 in Japan remain highly uncertain.

Area and Population

Japan has a total population of approximately 125.5 million (estimated as of March 1, 2020). It has one of the highest population densities in the world and approximately 24.0% of its people (estimated as of October 1, 2019) are concentrated in three metropolitan areas (Tokyo, Osaka and Nagoya). Japan’s rate of population decrease during the years 2016-2019 was 1.0%. Japan’s population decreased 0.36% during the 12 months ended October 1, 2020 (estimated as of October 1, 2020).

Government

The legislative power in Japan is vested in the Diet, which currently consists of a House of Representatives having 465 members and a House of Councillors having 245 members. Members of both houses are elected by direct universal suffrage, except that some members of each house are elected by proportional representation. The power of the House of Representatives is superior to that of the House of Councillors in respect of approving certain matters including the national budget and electing the Prime Minister.

S-25

Political Parties

The following tables set forth the membership by political party of the House of Representatives as of April 1, 2021 and the House of Councillors as of April 4, 2021.

	House of   Representatives
Liberal Democratic Party		278
The Constitutional Democratic Party of Japan and the Independent		113
Komeito		29
Japanese Communist Party		12
Nippon Ishin (Japan Innovation Party)		11
Democratic Party for the People		10
Independents		10
Vacancies		2
Total		465
Source: House of Representatives.

	House of       Councillors
Liberal Democratic Party and Voice of The People		113
The Constitutional Democratic Party of Japan and Social Democratic Party		43
Komeito		28
Nippon Ishin (Japan Innovation Party)		16
Democratic Party For the People and The Shin-Ryokufukai		15
Japanese Communist Party		13
Okinawa Whirlwind		2
REIWA SHINSENGUMI		2
Hekisuikai		2
Your Party		2
Independents		7
Vacancies		2
Total		245
Source: House of Councillors.

Leadership

Japan’s current Prime Minister is SUGA Yoshihide, a member of the Liberal Democratic Party of Japan and member of the House of Representatives in the Diet. SUGA Yoshihide was elected as Japan’s 99th Prime Minister on September 14, 2020, succeeding the former Prime Minister ABE Shinzo.

International Trade Agreements

Japan announced its intent to join the Trans-Pacific Partnership, or TPP, in March 2013, and following negotiations with 11 other countries, signed the TPP Agreement on February 4, 2016. Upon the ratification of the TPP, Japan and the other participating countries planned to not only eliminate tariffs on products but also liberalize services and investment, and establish rules in a wide range of fields, including intellectual property, e-commerce and the environment. Although Japan ratified the TPP on January 20, 2017, the United States announced its formal withdrawal from the TPP on January 23, 2017. On March 8, 2018, Japan and ten other countries excluding the United States signed the Comprehensive and Progressive Agreement for Trans-Pacific

S-26

Partnership, pursuant to which each signatory country agreed to start the necessary preparations for the implementation of the TPP. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership entered into force for Japan, Mexico, Singapore, New Zealand, Canada, and Australia on December 30, 2018, and for Vietnam on January 14, 2019. On February 1, 2021, the United Kingdom formally applied to join the TPP. Japan, as the chair of the TPP Committee for this year, intends to facilitate the process of commencing negotiations with the United Kingdom pursuant to the application procedures under the TPP and in cooperation with the other members.

Japan has also entered into Economic Partnership Agreements, or EPAs, with various countries, including Singapore, Mexico, Malaysia, Chile and Thailand. As of February 2021, Japan had entered into a total of 21 EPAs (including the TPP) with 23 countries as well as the EU. Pursuant to the EPAs, Japan will collaborate comprehensively with the counterparties to, among other things, reduce or eliminate tariffs, grant most-favored-nation status in the fields of investment, services and government procurement and expedite patent review and enhance patent protection in the field of intellectual property.

Japan is also a member of international organizations which are based on international trade treaties and other agreements which seek to promote free trade in the international market, including the following: the World Trade Organization, the Organization for Economic Co-operation and Development, the World Customs Organization and the International Trade Centre.

S-27

THE ECONOMY

General

In December 2012, the Cabinet Office of the Government of Japan announced “Abenomics” (named after the former Prime Minister ABE Shinzo), an economic strategy of pursuing an expansionary monetary policy, a flexible fiscal policy and an economic growth agenda that promotes private investment, with the goal of achieving GDP growth and job creation. Pursuant to this strategy, specific measures to be implemented include accelerating reconstruction efforts in areas damaged by the Great East Japan Earthquake, increasing stimulus spending and subsidies aimed at strategically important sectors and utilizing a more flexible approach to economic and fiscal management. Other more recent Abenomics measures include the liberalization of electricity retail sales in April 2016 and the liberalization of gas retail sales in April 2017.

Additionally, in January 2013, the Government of Japan and the Bank of Japan issued a joint statement announcing measures to overcome deflation and achieve sustainable economic growth with price stability in order to establish a sustainable fiscal structure and sound fiscal management. In March 2013, KURODA Haruhiko, former President of the Asian Development Bank, was appointed as governor of the Bank of Japan. In April 2013, the Bank of Japan announced its new quantitative and qualitative monetary easing policy, under which the Bank of Japan is aiming to achieve a price stability target of 2% in terms of the year-on-year rate of change in the consumer price index at the earliest possible time, with a time horizon of about two years. Although nominal GDP increased by 0.5% during JFY 2019, the annual growth rate of real GDP was -0.3% and did not show any improvement during the same period. The Japanese Diet has passed comprehensive social security and tax reform, including an increase in the consumption tax rate from 5% to 8% in 2014, and from 8% to 10% in 2015. Accordingly, the consumption tax rate was increased to 8% in April 2014. The increase in the consumption tax rate from 8% to 10% was postponed but introduced in October 2019. Due in part to this increase in the consumption tax, real GDP decreased during the fourth quarter of 2019 by 1.8% compared to the prior quarter. In addition to the increase in the consumption tax rate, as part of the tax reform, the statutory corporate income tax rate was reduced from 34.62% to 32.11% for JFY 2015 and it was further reduced to 29.97% for JFY 2016 and to 29.74% for JFY 2018.

The Japanese economy faces certain challenges. Challenges for the Japanese economy include, as further described herein, an increased dependence on LNG and other energy imports as a result of the nuclear accident at the Fukushima Daiichi Nuclear Plant and suspension of operations at other nuclear power plants and, over the long term, demographic challenges, such as an aging workforce and population decrease, and the high levels of public debt and associated debt servicing payments.

In addition, in December 2019, the emergence of COVID-19 was reported in Wuhan, Hubei Province, China and COVID-19 has subsequently spread throughout the world, including in Japan. On January 30, 2020, the World Health Organization declared COVID-19 a public health emergency of international concern and, on March 11, 2020, the World Health Organization declared COVID-19 a global pandemic. The COVID-19 pandemic is currently having an adverse impact on the global economy, the severity and duration of which is difficult to predict.

Economic activity in Japan has been significantly disrupted by the pandemic of COVID-19 and the measures implemented to slow the spread of the disease. Due primarily to the impact of the COVID-19 pandemic, real GDP decreased by 0.6% during the first quarter of 2020 compared to the prior quarter and by 8.3% during the second quarter of 2020 compared to the prior quarter, which was the third consecutive quarter-on-quarter contraction of real GDP. While real GDP increased by 5.3% during the third quarter of 2020 compared to the prior quarter, it is uncertain whether this trend of recovery will continue. In response to this pandemic, the Japanese government and the BOJ have announced a number of fiscal, monetary and economic measures aimed at mitigating the resulting economic impact. While the COVID-19 pandemic is expected to continue to have a significant negative impact on the Japanese economy, the duration and extent of the economic impact of COVID-19 remain highly uncertain. See “General—COVID-19” above.

S-28

In order to slow the spread of COVID-19, the Japanese central and local governments have implemented a number of measures. Although the state of emergency declared in April 2020 was lifted in May 2020, on January 7, 2021, in response to an increase in COVID-19 infections in certain regions of the country, the Prime Minister of Japan declared a new state of emergency covering Tokyo, Chiba, Kanagawa and Saitama prefectures and scheduled to remain in effect until February 7, 2021. On January 13, 2021, the Prime Minister extended the new state of emergency to also cover Tochigi, Gifu, Aichi, Kyoto, Osaka, Hyogo and Fukuoka prefectures. Certain of the key measures under the state of emergency include advising restaurants and bars to shorten business hours, advising businesses to reduce the number of workers physically commuting to work by around 70%, advising individuals to avoid outings in the evening and restrictions on holding certain events. On February 2, 2021, the Prime Minister extended the state of emergency to March 7, 2021 except for Tochigi prefecture. Although the state of emergency covering Gifu, Aichi, Kyoto, Osaka, Hyogo and Fukuoka prefectures was lifted on February 26, 2021, on March 5, the Prime Minister further extended the state of emergency to March 21, 2021 for the remaining prefectures. Although the state of emergency was lifted on the remaining regions as planned on March 21, 2021, due to an increase in infection rates, on April 1, 2021 and subsequently on April 9, 2021, public notices were issued announcing that Miyagi, Osaka and Hyogo prefectures and certain areas of Tokyo, Kyoto and Okinawa prefectures, respectively, had been designated as areas where priority measures to prevent the spread of infections will be implemented. Such measures are scheduled to remain in place until May 11, 2021 for Tokyo and May 5, 2021 for the other designated areas. Economic activities will continue to be subject to different degrees of restrictions throughout the country based on their COVID-19 risk profile and citizens are being encouraged to change their activities, by adhering to social distancing guidelines and otherwise, in ways that could discourage normal economic activity. In addition, the central and local governments are prepared to impose new restrictions on economic activities, including an expansion of the current second state of declaration of emergency to other regions, depending on the COVID-19 infection rates throughout the country. Furthermore, international travel restrictions previously instituted by the Japanese government remain in place despite the first state of emergency being lifted. Taking effect from May 27, 2020, shortly after the first state of emergency was lifted, the Japanese government added 11 countries to the list of countries and regions subject to travel restrictions, bringing the total to 111 countries/regions as of that date. As of April 2, 2021, 152 countries/regions are subject to such restrictions. Citizens of such countries and regions generally remain prohibited from entering Japan under the current travel restrictions, which has had a severe impact on both business travel and inbound international tourism, an important and formerly growing sector of the Japanese economy. Though the Japanese government and the Bank of Japan have also announced and implemented a number of fiscal, monetary and economic measures aimed at mitigating the resulting economic impact, the significant disruption in economic activity as a result of the COVID-19 pandemic and the measures taken in response to the pandemic are expected to have a significant negative impact on overall economic conditions in Japan. According to the Monthly Economic Report published by the Cabinet Office of Japan for March 2021 published on March 23, 2021, although there are signs that the declining trend in economic conditions in Japan is starting to ease (such as an increase in exports and signs of improving business investment, industrial production and corporate profits), economic conditions in Japan continue to be weak as a result of the COVID-19 pandemic, including negative employment conditions. As a result of gradual resumption of socio-economic activities and implementation of various COVID-19 related measures and progress in vaccine development and distribution, the economy is expected to move toward improvement. However, the duration and extent of the economic impact of COVID-19 still remain highly uncertain.

S-29

Summary of Key Economic Indicators

The following tables set forth information regarding certain of Japan’s key economic indicators for the periods indicated:

	JFY 2015			JFY 2016			JFY 2017			JFY 2018			JFY 2019
	(yen amounts in billions, except percentages and index)
Percentage Changes of GDP from Previous Year
At Nominal Prices		3.3	%		0.8	%		2.0	%		0.2	%		0.5	%
At Real Prices(a)		1.7			0.8			1.8			0.3			-0.3
Total Revenues of Consolidated General and Special Accounts(b)	¥	247,917		¥	259,413		¥	244,729		¥	243,868		¥	251,292
Total Expenditures of Consolidated General and Special Accounts(b)		228,749			241,061			229,389			226,661			232,905
Surplus of Consolidated Revenues over Consolidated Expenditures(b)		19,167			18,353			15,340			17,206			18,387
Public Debt		880,335			908,093			934,321			954,863			965,926
(a)   Real prices are based on calendar year 2011. (b)   The data for JFY 2019 is the provisional results as of December 31, 2019. Source: Economic and Social Research Institute; Cabinet Office; and Ministry of Finance.
	2016			2017			2018			2019			2020
	(yen or dollar amounts in billions, except percentages and index)
Unemployment Rate		3.1	%		2.8	%		2.4	%		2.4	%		2.8	%
Consumer Price Index(a)		99.9			100.4			101.3			101.8			101.8
Annual Change		-0.1	%		0.5	%		1.0	%		0.5	%		0.0	%
Corporate Goods Price Index(b)		96.5			98.7			101.3			101.5			100.3
Annual Change		-3.5	%		2.3	%		2.6	%		0.2	%		-1.2	%
Current Account regarding Balance of Payments	¥	21,391		¥	22,778		¥	19,400		¥	20,526		¥	17,698
Official Foreign Exchange Reserves	$	1,217		$	1,264		$	1,271		$	1,324		$	1,395

(a) Calendar year 2015=100.

(b) Calendar year 2015=100. Indices are calculated using the monthly averages.

Source: Ministry of Internal Affairs and Communications “Labor Force Survey”; Consumer Price Index, Statistics Bureau, Ministry of Internal Affairs and Communications; Domestic Corporate Goods Price Index, Bank of Japan; and Ministry of Finance.

S-30

Gross Domestic Product and National Income

The following table sets forth information pertaining to Japan’s gross domestic product for JFY 2015 through JFY 2019. As a general matter, with respect to the private sector, companies were shipping their existing inventories pursuant to conservative production plans until the beginning of calendar year 2014. However, after the increase in the consumption tax rate in April 2014, recovery in demand has been delayed, causing increases in inventory and inhibiting production. As a result, there were fluctuations in “Additions to Business Inventories—Private Sectors” during the relevant period. Although nominal GDP increased by 0.5% during JFY 2019, the annual growth rate of real GDP -0.3% and did not show any measurable improvement during the same period. While the duration and extent of the economic impact of COVID-19 remain highly uncertain, it is likely that the continued spread of COVID-19 will have a significant negative impact on the Japanese economy, including with respect to nominal and real GDP.

Gross Domestic Product^(a)

	JFY 2015			JFY 2016			JFY 2017			JFY 2018			JFY 2019			Percentage of JFY 2019 GDP
	(yen amounts in billions)
Total Consumption
Private sectors	¥	299,839		¥	298,334		¥	303,046		¥	305,133		¥	304,236			55.2	%
Public sectors		106,286			106,798			107,709			109,099			111,715			20.2
		406,125			405,132			410,755			414,232			415,950			75.4
Total Gross Capital Formation
Private sectors
Producers’ Durable Equipment		86,962			87,001			90,108			91,770			91,573			15.8
Residential Construction		20,396			21,251			21,255			20,531			21,382			3.0
Public sectors		27,022			27,085			27,687			28,384			29,256			5.4
		134,380			135,337			139,050			140,685			142,211			24.3
Additions to Business Inventories
Private sectors		1,403			210			1,749			2,375			2,033			0.2
Public sectors		(51	)		(281	)		89			(71	)		(5	)		0.0
		1,352			(71	)		1,838			2,303			2,028			0.2
Net Exports of Goods and Services		(1,117	)		4,430			4,044			(398	)		(509	)		0.2
Nominal Gross Domestic Expenditures	¥	540,739		¥	544,827		¥	555,687		¥	556,823		¥	559,681			100.0	%
Real Gross Domestic Expenditures(b)	¥	539,409		¥	543,463		¥	553,171		¥	554,749		¥	552,922
Surplus of the Nation on Current Account
Exports of Goods and Services and Other Receipts from Abroad		30,214			29,191			31,346			33,854			34,255
Less: Imports of Goods and Services and Other Payments Abroad		9,053			10,037			11,025			12,280			12,455
		21,161			19,154			20,320			21,574			21,800
Gross National Income	¥	561,900		¥	563,981		¥	576,008		¥	578,397		¥	581,481
Percentage Changes of GDP from Previous Year
At Nominal Prices		3.3	%		0.8	%		2.0	%		0.2	%		0.5	%
At Real Prices(b)		1.7			0.8			1.8			0.3			(0.3	)
Deflator(c)		1.5			0.0			0.2			(0.1	)		0.8

(a) GDP financial data are subject to change.

S-31

(b) Real prices are based on calendar year 2011.

(c) Deflator is a price index used to convert nominal prices into real prices. Deflator is derived by dividing nominal GDP by real GDP.

Source: Economic and Social Research Institute, Cabinet Office.

The following table sets forth information pertaining to Japan’s gross domestic product, as seasonally adjusted, for each of the eight quarters ended December 31, 2020.

	Quarterly Gross Domestic Product(a)
	2019												2020
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(yen amounts in billions)
Nominal Gross Domestic Expenditures(b)	¥	560,974		¥	562,362		¥	564,231		¥	557,513		¥	554,743		¥	510,653		¥	538,594		¥	551,117
Real Gross Domestic Expenditures(b)(c)	¥	557,618		¥	558,061		¥	559,067		¥	548,765		¥	545,673		¥	500,391		¥	526,790		¥	541,619
Percentage Changes of GDP from the Previous Quarter
At Nominal Prices(d)		1.0	%		0.2	%		0.3	%		(1.2	)%		(0.5	)%		(7.9	)%		5.5	%		2.3	%
At Real Prices(c)(d)		0.6			0.1			0.2			(1.8	)		(0.6	)		(8.3	)		5.3			2.8
Deflator(e)		0.4			0.2			0.2			0.7			0.1			0.4			0.2			(0.5	)

(a) Quarterly GDP financial data are subject to change.

(b) Numbers are based on seasonally-adjusted GDP figures.

(c) Real prices are based on calendar year 2011.

(d) Percentage changes are based on seasonally-adjusted GDP figures.

(e) Deflator is a price index used to convert nominal prices into real prices. Deflator is derived by dividing nominal GDP by real GDP.

Source: Economic and Social Research Institute, Cabinet Office.

Per Capita Gross Domestic Product

The following table indicates per capita gross domestic product for JFY 2015 through JFY 2019:

	Per Capita GDP
JFY	Amount (in thousands of yen)		Year-on-year change (%)
2015	¥	4,255		3.4
2016		4,293		0.9
2017		4,386		2.2
2018		4,404		0.4
2019		4,437		0.7

National Income

The following table sets forth national income for calendar year 2015 through calendar year 2019.

	National Income
	2015			2016			2017			2018			2019
	(yen amounts in billions)
Domestic Factor Income	¥	368,281		¥	374,254		¥	380,613		¥	381,456		¥	380,074
Net Income from Abroad		21,163			18,943			20,461			21,185			21,696
National Income at Factor Cost	¥	389,445		¥	393,197		¥	401,074		¥	402,641		¥	401,771
Percentage Changes of Income at Factor Cost from Previous Year		4.1	%		1.0	%		2.0	%		0.4	%		(0.2	)%

Source: Economic and Social Research Institute, Cabinet Office.

S-32

Industry

The following table sets forth the proportion of gross domestic product contributed by major industrial sectors of the economy for calendar year 2015 through calendar year 2019.

GDP by Industrial Sectors (at nominal prices)

	2015			2016			2017			2018			2019
Industry
Agriculture, Forestry and Fishing		1.0	%		1.1	%		1.1	%		1.0	%		1.0	%
Mining		0.1			0.1			0.1			0.1			0.1
Manufacturing		20.5			20.3			20.4			20.7			20.3
Electricity, Gas and Water Supply and Waste Management Service		2.9			2.9			2.9			2.9			3.0
Construction		5.2			5.4			5.4			5.4			5.3
Wholesale and Retail Trade		13.0			12.9			13.0			12.7			12.5
Transport and Postal Services		5.3			5.2			5.3			5.3			5.3
Accommodation and Food Service Activities		2.4			2.6			2.6			2.5			2.4
Information and Communications		4.9			5.0			4.8			4.9			4.9
Finance and Insurance		4.3			4.1			4.0			4.1			4.1
Real Estate		12.0			11.9			11.8			11.7			11.7
Professional, Scientific and Technical Activities		7.8			8.0			8.0			8.1			8.1
Public Administration		4.9			4.9			4.9			4.9			5.0
Education		3.5			3.5			3.4			3.4			3.4
Human Health and Social Work Activities		7.4			7.7			7.6			7.7			7.9
Other Service Activities		4.2			4.1			4.1			4.0			4.0
Total		99.4	%		99.6	%		99.5	%		99.6	%		99.1	%

Source: Economic and Social Research Institute, Cabinet Office, Annual Report on National Accounts.

Energy

The following table sets forth the total amounts of primary energy supplied and the percentages supplied by different sources for JFY 2015 through JFY 2019.

JFY	Total Primary Energy Supplied (peta- joules)		Sources of Primary Energy Supplied(a)
			Oil			Coal			Nuclear			Natural Gas			Other
2015		20,019		40.6	%		25.7	%		0.4	%		23.3	%		9.9	%
2016		19,862		39.7			25.4			0.8			23.8			10.4
2017		20,099		39.0			25.1			1.4			23.4			11.1
2018		19,720		37.6			25.1			2.8			22.9			11.7
2019		19,104		37.2			25.4			2.8			22.4			12.2

(a) Figures represent the proportion of each source as a share of the domestic primary energy supplied. Domestic primary energy supplied is total primary energy supplied less exports and inventory adjustments.

(b) Standard heating value by energy source, which is used to create total primary energy supplied statistics, is revised every five years. Figures for 2014 through 2018 represent the revised standard heating value by energy source.

Source: Agency for Natural Resources and Energy, Ministry of Economy, Trade and Industry, Report on Energy Supply and Demand.

S-33

The table below sets forth information regarding crude oil imports for JFY 2015 through JFY 2019.

	JFY 2015		JFY 2016		JFY 2017		JFY 2018		JFY 2019
Volume of imports (thousand kilo-liters per day)		545		521		501		475		471
Cost of imports (c.i.f. in billions of yen)	¥	7,368	¥	6,181	¥	7,283	¥	8,721	¥	7,980
Average price (c.i.f. in yen kilo-liters)	¥	37,026	¥	32,523	¥	39,828	¥	50,274	¥	46,389
Source: Customs and Tariff Bureau, Ministry of Finance. The following table sets forth information relating to total electric power generating capacity and electric power generation for JFY 2015 through JFY 2019.
	JFY 2015		JFY 2016		JFY 2017		JFY 2018		JFY 2019
	(megawatts)
Electric power generating capacity(a):
Fossil Fuel		190,805		194,669		193,462		193,026		189,784
Hydro-electric		50,035		50,117		50,014		50,037		50,033
Nuclear		42,048		41,482		39,132		38,042		33,083
Other		8,949		13,092		16,600		18,988		20,997
Total		291,836		299,362		299,209		300,093		293,897
	(gigawatt-hours)
Electric power generation:
Fossil Fuel		908,779		877,016		861,435		823,589		792,810
Hydro-electric		91,383		84,570		90,128		87,398		86,314
Nuclear		9,437		17,300		31,278		62,109		61,035
Other		14,580		19,024		24,500		27,311		30,611
Total		1,024,179		997,911		1,007,341		1,000,409		970,771

(a) At the end of fiscal year—March 31

Source: Handbook of Electric Power Industry, Agency for Natural Resources and Energy, Ministry of Economy, Trade and Industry.

Price Indices

The table below sets forth information concerning changes in Japan’s corporate goods and consumer price indices for the periods indicated.

	Corporate Goods Price Index(a)				Consumer Price Index(b)
	Index(c)		Annual % Change		Index		Annual % Change
2016		96.5		-3.5		99.9		-0.1
2017		98.7		2.3		100.4		0.5
2018		101.3		2.6		101.3		1.0
2019		101.5		0.2		101.8		0.5
2020		100.3		-1.2		101.8		0.0

(a) All commodities. Calendar year 2015=100. Source: Domestic Corporate Goods Price Index, Bank of Japan.

(b) General index. Calendar year 2015=100. Source: Consumer Price Index, Statistics Bureau, Ministry of Internal Affairs and Communications.

(c) Indices are calculated using the monthly averages.

S-34

Labor

The number of employees was on an upward trend from 2004 to 2007, decreased from 2008 to 2012, recovered in 2013, increased from 2014 to 2019 but decreased in 2020, for the first time in eight years. In 2019, average employment was estimated at 67.2 million, of which 23.3% were employed in mining, manufacturing and construction, 3.3% were employed in agriculture, forestry and fisheries, and 73.4% were employed in services and other sectors. In 2020, the average employment was estimated at 66.8 million, of which 23.1% were employed in mining, manufacturing and construction, 3.2% were employed in agriculture, forestry and fisheries, and 73.8% were employed in services and other sectors. The unemployment rate (seasonally adjusted) in Japan gradually increased from 2008 to the middle of 2009, but has gradually decreased since the end of 2009. In 2020, the unemployment rate increased for the first time in eleven years. It ranged between 2.4% and 3.1% during 2020. (Note: Due to the impact of the Great East Japan Earthquake, it has become difficult to conduct a labor search in the following prefectures: Iwate, Miyagi and Fukushima. For this reason, the nationwide unemployment rate for the period between March 2011 and August 2011 does not account for these three prefectures.) The seasonally adjusted unemployment rate was 3.1% for October, 3.0% for November and 3.0% for December in 2020 and 2.9% for January and 2.9% for February in 2021. As a result of the COVID-19 pandemic and the resulting wide-scale disruption of business activities, employment conditions in Japan are expected to be negatively impacted. However, the duration and extent of the impact on employment in Japan remain highly uncertain. See “General—COVID-19” above.

The following table indicates unemployment statistics for Japan for each of the last five years:

Calendar Year	Unemployment Rate (%)
2016		3.1
2017		2.8
2018		2.4
2019		2.4
2020		2.8

Source: Ministry of Internal Affairs and Communications “Labor Force Survey”.

The table below sets forth information regarding wage index (total cash earnings (nominal)) and industrial production index (manufacturing and mining) for the periods indicated.

	Wage Index(a)				Industrial Production Index(b)
Calendar Year	Index(c)		Annual % Change		Index		Annual % Change
2016		100.7		0.6		100.0		0.0
2017		101.1		0.4		103.1		3.1
2018		102.5		1.4		104.2		1.1
2019		102.1		-0.4		101.1		-3.0
2020		100.9		-1.2		90.9		-10.1

(a) Calendar year 2015=100. Source: Monthly Labor Survey, Ministry of Health, Labor and Welfare.

(b) Calendar year 2015=100. Source: Ministry of Economy, Trade and Industry.

(c) Indices are calculated using the monthly averages.

S-35

The following table shows selected employment information by industry.

	2016			2017			2018			2019			2020
	(all figures in percentages, except as indicated)
Labor Force (in thousands of persons)		64,650			65,300			66,640			67,240			66,760
Employment by Industry:
Agriculture, forestry and fisheries		3.45	%		3.38	%		3.42	%		3.30	%		3.19	%
Mining, manufacturing and construction		23.87			23.78			23.50			23.26			23.05
Services and other sectors		72.68			72.83			73.08			73.44			73.76
Total		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Source: Ministry of Internal Affairs and Communications “Labor Force Survey”. The following table shows employment rate by age and gender.
	2016			2017			2018			2019			2020
	(all figures in percentages)
Total		58.1	%		58.8	%		60.0	%		60.6	%		60.3	%
Employment rate by age:
15 - 64 years old		74.3			75.3			76.8			77.7			77.3
15 - 24 years old		42.4			42.5			45.9			47.5			46.4
25 - 34 years old		82.5			83.6			84.8			85.3			85.1
35 - 44 years old		82.7			83.6			85.0			85.6			85.0
45 - 54 years old		84.6			85.1			85.7			86.4			86.0
55 - 64 years old		71.4			73.4			75.2			76.3			76.7
55 - 59 years old		79.9			81.0			81.7			82.3			82.2
60 - 64 years old		63.6			66.2			68.8			70.3			71.0
65 and over		22.3			23.0			24.3			24.9			25.1
65 - 69 years old		42.8			44.3			46.6			48.4			49.6
70 - 74 years old		25.0			27.2			30.2			32.2			32.5
75 and over		8.7			9.0			9.8			10.3			10.4
25 - 44 years old		82.6			83.6			84.9			85.5			85.0
Employment rate by gender:
Male		68.1			68.4			69.3			69.7			69.3
Female		48.9			49.8			51.3			52.2			51.8
Source: Ministry of Internal Affairs and Communications “Labor Force Survey”. The following table shows employment data by type of employment.
	2016			2017			2018			2019			2020
	(in thousands of persons)
Employee (except for executive of company or corporation)		54,000			54,690			56,050			56,690			56,290
Regular employee		33,760			34,320			34,850			35,030			35,390
Non-regular employee		20,230			20,360			21,200			21,650			20,900

Source: Ministry of Internal Affairs and Communications “Labor Force Survey”.

S-36

Aging Workforce and Population Decrease

The following table indicates the age distribution of Japan’s population:

Population and Percentage distribution by Age (5-Year Age Group)

	Both sex
Age groups	2016		2017		2018		2019		2020*
	(in thousands of persons)
Total		126,933		126,706		126,443		126,167		125,708
0 - 4 years old		4,963		4,909		4,838		4,758		4,669
5 - 9		5,303		5,251		5,184		5,101		5,018
10 - 14		5,514		5,432		5,392		5,351		5,338
15 - 19		6,040		5,995		5,907		5,820		5,663
20 - 24		6,150		6,228		6,330		6,388		6,376
25 - 29		6,393		6,291		6,223		6,240		6,279
30 - 34		7,257		7,112		6,936		6,752		6,576
35 - 39		8,117		7,884		7,694		7,551		7,396
40 - 44		9,713		9,443		9,093		8,718		8,396
45 - 49		9,282		9,457		9,666		9,802		9,797
50 - 54		7,904		8,156		8,360		8,567		8,683
55 - 59		7,546		7,592		7,651		7,711		7,901
60 - 64		8,160		7,804		7,591		7,523		7,425
65 - 69		10,275		9,921		9,368		8,709		8,246
70 - 74		7,408		7,749		8,234		8,686		9,222
75 - 79		6,526		6,738		6,932		7,241		7,104
80 - 84		5,181		5,293		5,347		5,328		5,423
85 - 89		3,275		3,396		3,514		3,612		3,751
90 - 94		1,479		1,582		1,674		1,761		1,841
95 - 99		383		405		439		479		527
100 and over		66		67		69		69		76
Regrouped
0 - 14 years old		15,780		15,592		15,415		15,210		15,025
15 - 64		76,562		75,962		75,451		75,072		74,492
65 and over		34,591		35,152		35,578		35,885		36,191
65 - 74 years old		17,683		17,670		17,603		17,395		17,468
75 and over		16,908		17,482		17,975		18,490		18,723

S-37

	Both sex
Age groups	2016		2017		2018		2019		2020*
	Percentage Distribution (%)
Total		100.00		100.00		100.00		100.00		100.00
0 - 4 years old		3.91		3.87		3.83		3.77		3.71
5 - 9		4.18		4.14		4.10		4.04		3.99
10 - 14		4.34		4.29		4.26		4.24		4.25
15 - 19		4.76		4.73		4.67		4.61		4.50
20 - 24		4.85		4.92		5.01		5.06		5.07
25 - 29		5.04		4.97		4.92		4.95		4.99
30 - 34		5.72		5.61		5.49		5.35		5.23
35 - 39		6.39		6.22		6.08		5.98		5.88
40 - 44		7.65		7.45		7.19		6.91		6.68
45 - 49		7.31		7.46		7.64		7.77		7.79
50 - 54		6.23		6.44		6.61		6.79		6.91
55 - 59		5.94		5.99		6.05		6.11		6.29
60 - 64		6.43		6.16		6.00		5.96		5.91
65 - 69		8.09		7.83		7.41		6.90		6.56
70 - 74		5.84		6.12		6.51		6.88		7.34
75 - 79		5.14		5.32		5.48		5.74		5.65
80 - 84		4.08		4.18		4.23		4.22		4.31
85 - 89		2.58		2.68		2.78		2.86		2.98
90 - 94		1.17		1.25		1.32		1.40		1.46
95 - 99		0.30		0.32		0.35		0.38		0.42
100 and over		0.05		0.05		0.05		0.05		0.06
Regrouped
0 - 14 years old		12.43		12.31		12.19		12.06		11.95
15 - 64		60.32		59.95		59.67		59.50		59.26
65 and over		27.25		27.74		28.14		28.44		28.79
65 - 74 years old		13.93		13.95		13.92		13.79		13.90
75 and over		13.32		13.80		14.22		14.66		14.89

Note:

* Figures are subject to change based on the result of “Population Census” conducted during 2020.

S-38

FOREIGN TRADE AND BALANCE OF PAYMENTS

Foreign Trade

Japan is one of the leading trading nations of the world, ranking fifth to China, the United States, Germany and the Netherlands in merchandise exports and ranking fifth to the United States, China, Germany and the United Kingdom in merchandise imports among the IMF member countries in 2020.

The trade deficit slightly increased from ¥2,565 billion in 2011 to ¥2,792 billion in 2015 despite an increase in exports for three consecutive years, meaning that Japan had a trade deficit for five consecutive years. The primary reasons for the trade deficit include increased imports of oil and natural gas as alternatives to nuclear energy. Imports of fossil fuels increased as the demand increased for power generation at thermal power stations after the nuclear accident at the Fukushima Daiichi Nuclear Plant caused suspension of operations at other nuclear plants, resulting in reduced energy supply. Due to increased imports of fossil fuels, Japan’s trade balance in 2011 turned to a deficit for the first time in 31 years. In 2012, the trade deficit expanded and it hit a record high in 2014. In 2015, it decreased substantially again and back to the level of 2011. In 2016, the drop in total amount of imports was larger than the drop in total amount of exports, and as a result, Japan had a trade surplus of ¥3,994 billion, reversing a trend of five consecutive years of trade deficits since 2011. In 2017, although the increase in total amount of imports was larger than the increase in total amount of exports, Japan still had a trade surplus of ¥2,907 billion as an overall result. In 2018, Japan had a trade deficit of ¥1,225 billion due to increased imports of oil and natural gas. In 2019, Japan had a trade deficit of ¥1,668 billion due to a decrease in exports including automobile parts and steel, which was partially offset by a decrease in imports including crude oil and petroleum products. In 2020, Japan had a trade surplus of ¥563 billion due to decrease in imports of mineral fuels because of the deterioration of resources and material market. As a result of the global COVID-19 pandemic and the resulting disruptions of economic activity, exports from Japan are expected to be negatively impacted. However, the impact of the global COVID-19 pandemic on exports, imports and the overall trade deficit is highly uncertain. See “General—COVID-19” above.

The following tables set forth information relating to foreign trade for the years indicated. In these tables exports are stated on an f.o.b. basis and imports on a c.i.f. basis. Monetary figures are based on actual movements of goods as calculated by the Ministry of Finance. (This method of computation differs from that used in calculating balance of payments, in which both exports and imports are stated on an f.o.b. basis.)

Foreign Trade of Japan

	Value Index(a)				Quantum Index(a)				Unit Value Index(a)				Terms of Trade(b)
	Exports		Imports		Exports		Imports		Exports		Imports		Index
2016		92.6		84.2		100.5		98.8		92.2		85.3		108.1
2017		103.5		96.1		105.9		102.9		97.8		93.4		104.7
2018		107.8		105.5		107.7		105.8		100.1		99.7		100.4
2019		101.7		100.2		103.0		104.6		98.8		95.9		103.0
2020		90.5		86.4		90.9		97.6		99.5		88.5		112.4

(a) Calendar year 2015=100.

(b) Unit value index of exports divided by unit value index of imports, multiplied by 100.

Source: Japan Tariff Association, Ministry of Finance.

S-39

Composition of Japan’s Exports and Imports

	2016				2017				2018				2019				2020
	(yen amounts in billions)
JAPAN’S EXPORTS
Textile Products	¥	863	1.2	%	¥	886	1.1	%	¥	901	1.1	%	¥	886	1.2	%	¥	754	1.1	%
Metals and Metal Products		5,219	7.5			5,907	7.5			6,257	7.7			5,659	7.4			5,206	7.6
Machinery and Equipment:
Ships		1,325	1.9			1,322	1.7			1,368	1.7			1,493	1.9			1,142	1.7
Motor Vehicles		11,333	16.2			11,825	15.1			12,307	15.1			11,971	15.6			9,580	14.0
TV and Radio Receivers		120	0.2			107	0.1			117	0.1			116	0.2			89	0.1
Motorcycles		261	0.4			320	0.4			337	0.4			267	0.3			225	0.3
Scientific and Optical Instruments		2,046	2.9			2,416	3.1			2,314	2.8			2,130	2.8			1,968	2.9
Other(a)		30,336	43.3			34,143	43.6			35,501	43.6			32,700	42.5			29,455	43.1
Total Machinery and Equipment		45,421	64.9			50,133	64.0			51,944	63.8			48,678	63.3			42,459	62.1
Chemicals		7,123	10.2			8,192	10.5			8,922	10.9			8,739	11.4			8,540	12.5
Foods and Beverages		607	0.9			645	0.8			741	0.9			754	1.0			791	1.2
Other Exports(b)		10,802	15.4			12,524	16.0			12,714	15.6			12,216	15.9			10,657	15.6
Grand Total	¥	70,036	100.0	%	¥	78,286	100.0	%	¥	81,479	100.0	%	¥	76,932	100.0	%	¥	68,407	100.0	%
JAPAN’S IMPORTS
Foods and Beverages	¥	6,363	9.6	%	¥	7,018	9.3	%	¥	7,247	8.8	%	¥	7,192	9.1	%	¥	6,675	9.9	%
Raw Materials		4,012	6.1			4,725	6.3			4,992	6.0			4,861	6.2			4,510	6.7
Chemicals		7,111	10.8			7,567	10.0			8,550	10.3			8,163	10.4			7,790	11.5
Mineral Fuels:
Petroleum		5,532	8.4			7,155	9.5			8,906	10.8			7,969	10.1			4,646	6.9
Coal		1,665	2.5			2,570	3.4			2,812	3.4			2,528	3.2			1,701	2.5
Other(c)		4,855	7.4			6,115	8.1			7,576	9.2			6,453	8.2			4,913	7.3
Total Mineral Fuel		12,052	18.2			15,840	21.0			19,294	23.3			16,951	21.6			11,260	16.6
Machinery and Equipment		22,131	33.5			24,490	32.5			25,952	31.4			25,319	32.2			22,950	33.9
Other Imports(d)		14,373	21.8			15,740	20.9			16,669	20.2			16,114	20.5			14,552	21.5
Grand Total	¥	66,042	100.0	%		75,379	100.0	%	¥	82,703	100.0	%	¥	78,600	100.0	%	¥	67,737	100.0	%

(a) This category includes general machinery, electronic components including semiconductors and electronic equipment including electronic circuit.

(b) This category includes raw materials, mineral fuels and vehicle parts.

(c) This category includes liquid natural gas and petroleum products.

(d) This category includes clothing and accessories thereof, non-ferrous metal and scientific and optical instruments.

Source: The Summary Report on Trade of Japan, Japan Tariff Association, Ministry of Finance.

S-40

Geographic Distribution of Japan’s Exports and Imports

	2016				2017				2018				2019				2020
	(yen amounts in billions)
JAPAN’S EXPORTS
Asia	¥	37,107	53.0	%	¥	42,920	54.8	%	¥	44,736	54.9	%	¥	41,327	53.7	%	¥	39,224	57.3	%
China		12,361	17.7			14,890	19.0			15,898	19.5			14,682	19.1			15,083	22.0
(Asia NIES)		15,094	21.6			17,048	21.8			16,888	20.7			15,597	20.3			14,808	21.6
(ASEAN)		10,378	14.8			11,872	15.2			12,634	15.5			11,578	15.1			9,846	14.4
Oceania		2,010	2.9			2,301	2.9			2,402	2.9			2,053	2.7			1,688	2.5
Australia		1,532	2.2			1,796	2.3			1,886	2.3			1,580	2.1			1,296	1.9
North America		15,029	21.5			16,189	20.7			16,500	20.3			16,222	21.1			13,385	19.6
U.S.A.		14,143	20.2			15,113	19.3			15,470	19.0			15,255	19.8			12,612	18.4
Canada		886	1.3			1,076	1.4			1,029	1.3			968	1.3			773	1.1
Central and South America		3,002	4.3			3,154	4.0			3,399	4.2			3,221	4.2			2,285	3.3
Western Europe		8,179	11.7			9,053	11.6			9,389	11.5			9,010	11.7			7,654	11.2
EU		7,982	11.4			8,657	11.1			9,209	11.3			8,955	11.6			6,462	9.4
Central and Eastern Europe, Russia etc.		1,286	1.8			1,475	1.9			1,719	2.1			1,757	2.3			1,513	2.2
Russia		555	0.8			674	0.9			805	1.0			783	1.0			628	0.9
Middle East		2,585	3.7			2,350	3.0			2,434	3.0			2,356	3.1			1,809	2.6
Africa		839	1.2			843	1.1			900	1.1			984	1.3			848	1.2
Total	¥	70,036	100.0	%	¥	78,286	100.0	%	¥	81,479	100.0	%	¥	76,932	100.0	%	¥	68,407	100.0	%
JAPAN’S IMPORTS
Asia	¥	33,199	50.3	%	¥	37,026	49.1	%	¥	39,218	47.4	%	¥	37,413	47.6	%	¥	34,610	51.1	%
China		17,019	25.8			18,459	24.5			19,194	23.2			18,454	23.5			17,478	25.8
(Asia NIES)		6,241	9.4			7,162	9.5			7,859	9.5			7,231	9.2			6,692	9.9
(ASEAN)		10,047	15.2			11,545	15.3			12,399	15.0			11,757	15.0			10,652	15.7
Oceania		3,843	5.8			4,969	6.6			5,659	6.8			5,587	7.1			4,327	6.4
Australia		3,321	5.0			4,365	5.8			5,053	6.1			4,958	6.3			3,805	5.6
North America		8,331	12.6			9,325	12.4			10,318	12.5			9,935	12.6			8,584	12.7
U.S.A.		7,322	11.1			8,090	10.7			9,015	10.9			8,640	11.0			7,427	11.0
Canada		1,003	1.5			1,226	1.6			1,295	1.6			1,286	1.6			1,148	1.7
Central and South America		2,726	4.1			3,156	4.2			3,226	3.9			3,169	4.0			2,929	4.3
Western Europe		8,777	13.3			9,421	12.5			10,370	12.5			10,394	13.2			8,970	13.2
EU		8,152	12.3			8,757	11.6			9,718	11.8			9,722	12.4			7,789	11.5
Central and Eastern Europe, Russia etc.		1,868	2.8			2,308	3.1			2,546	3.1			2,333	3.0			1,839	2.7
Russia		1,227	1.9			1,550	2.1			1,723	2.1			1,561	2.0			1,146	1.7
Middle East		6,501	9.8			8,243	10.9			10,375	12.5			8,852	11.3			5,557	8.2
Africa		798	1.2			931	1.2			991	1.2			918	1.2			920	1.4
Grand Total	¥	66,042	100.0	%	¥	75,379	100.0	%	¥	82,703	100.0	%	¥	78,600	100.0	%	¥	67,737	100.0	%

Source: Press Releases, Ministry of Finance.

Balance of Payments

In 2016, the trade deficit turned into trade surplus, and Current Account surplus increased to ¥21,391 billion. In 2017, Current Account surplus continued and increased to ¥22,778 billion with trade surplus. In 2018, Current Account surplus decreased to ¥19,400 billion. In 2019, Current Account surplus increased to ¥20,526 billion. In 2020, Current Account surplus decreased to ¥17,698 billion.

In October 2013, Ministry of Finance and the Bank of Japan announced that they will revise balance of payments statistics, to be based on IMF Balance of Payments Manual, 6th Edition, starting with transactions in January 2014. The information below reflects the updated statistics.

S-41

Balance of Payments of Japan

	2016		2017		2018		2019		2020
	(in billions of yen)
Current Account	¥	21,391	¥	22,778	¥	19,400	¥	20,526	¥	17,698
Balance on Goods and Services		4,389		4,221		105		506		-491
Trade Balance		5,518		4,911		1,127		381		3,046
Exports (f.o.b.)		69,093		77,254		81,226		76,031		67,328
Imports (f.o.b.)		63,575		72,342		80,100		75,650		64,282
Services		-1,129		-691		-1,021		125		-3,536
Primary Income(a)		19,148		20,684		21,298		21,395		20,718
Secondary Income(b)		-2,146		-2,127		-2,003		-1,376		-2,530
Capital Account		-743		-280		-211		-413		-185
Financial Account(c)		28,606		18,811		20,032		24,716		17,984
Assets		11,142		-10,738		-3,293		-10,350		-13,400
Liabilities		-17,464		-29,549		-23,324		-35,066		-31,384
Net Errors and Omissions		7,958		-3,687		842		4,604		472

(a) Primary Income mainly shows balance of payments of interests and dividends from external financial credits and debts and includes such items as receipt and payment of dividends and interests between parent companies and their subsidiaries, receipt and payment of stock dividends and bond interests, and receipt and payment of interests related to loans, borrowings, and deposits.

(b) Secondary Income shows balance of payments of provision of assets unaccompanied by consideration between residents and non-residents and includes such items as receipt and payment of financial support, donations, and gifts by the government or by the people.

(c) Positive figures (+) show increases in net assets, negative figures (-) show decreases in net assets in “Financial Account”.

Source: Balance of Payments, Ministry of Finance.

Official Reserves Assets

As of December 31,	Gold(a)		Foreign Currency Reserves		IMF Reserve Position		SDRs (Special Drawing Rights)		Other Reserve Assets		Total
	(in millions of dollar)
2016	$	28,516	$	1,157,790	$	12,019	$	18,087	$	491	$	1,216,903
2017		31,897		1,202,071		10,582		19,195		538		1,264,283
2018		31,531		1,208,958		11,464		18,484		538		1,270,975
2019		37,469		1,255,322		11,202		19,176		581		1,323,750
2020		46,526		1,312,160		15,147		20,215		632		1,394,680

(a) The valuation of gold reflects marked-to-market values.

Source: International Reserves/Foreign Currency Liquidity, Ministry of Finance.

Foreign Exchange Rates

The following table sets forth the high, low and average daily interbank rate for the U.S. dollar against the yen in the Tokyo foreign exchange market for the years indicated.

	2016		2017		2018		2019		2020
Average (Central Rate)	¥	108.77	¥	112.13	¥	110.40	¥	108.99	¥	106.73
High		121.49		118.18		114.55		112.24		112.18
Low		99.00		107.59		104.64		104.46		101.60

Source: Status of Transactions on Tokyo Foreign Exchange Market, Bank of Japan.

S-42

FINANCIAL SYSTEM

The Bank of Japan and Monetary Policy

The Bank of Japan (“BOJ”), with 55% of its capital owned by the government, is the central bank and sole issuing bank, as well as the depository and fiscal agent for the government. As of the end of September 2020, the BOJ had total assets of ¥690,027 billion.

One of the missions of the BOJ is to contribute to the sound development of the national economy, through the pursuit of price stability. In order to fulfill this mission, the BOJ controls the overall volume of money in the economy and through market operations, along with monetary policy decided at the BOJ Policy Board Meeting. From March 2001 to March 2006, in order to fight deflation and revive the Japanese economy, the BOJ implemented a quantitative easing policy by conducting money market operations to adjust the outstanding balance of the current accounts at the BOJ. And in March 2006, the BOJ announced an exit from the quantitative easing policy and a return to monetary policy that targeted policy interest rate (uncollateralized overnight call rate). At the same time, the BOJ decided to encourage the rate to remain at effectively zero percent. Then, the BOJ increased the policy interest rate to 0.25% in July 2006, and to 0.5% in February 2007. From the Fall of 2008, however, when the turmoil in global financial markets intensified, the BOJ implemented various monetary policy measures including reductions in the policy interest rate. It decreased the policy interest rate to 0.3% in October 2008, and further to 0.1% in December 2008. Furthermore, in October 2010, in order to further enhance monetary easing, the BOJ implemented a comprehensive monetary easing policy, which included the establishment of an Asset Purchase Program (APP) to purchase financial assets, including risk assets, as well as to provide loans. Since the APP’s introduction, the BOJ has repeatedly and significantly increased the maximum amount outstanding of the APP, from about 35 trillion yen to about 101 trillion yen at the end of 2013. Moreover, in February 2012, the BOJ decided to pursue powerful monetary easing by conducting its virtually zero interest rate policy and by implementing the APP, with the aim of achieving the goal of 1% in terms of the year-on-year rate of change in the consumer price index (CPI). In order to state clearly the shared understanding concerning the roles of the government and the BOJ, the BOJ decided to release “Measures Aimed at Overcoming Deflation” in October 2012. In January 2013, the BOJ introduced the “price stability target” of 2% in terms of the year-on-year rate of change in the CPI. The BOJ also introduced the “open-ended asset purchasing method”, aimed at achieving this target. It released a joint statement with the government to announce that in order to overcome deflation early and achieve sustainable economic growth with price stability, the government and the BOJ would strengthen their policy coordination and work together. Furthermore, in April 2013, the BOJ introduced a policy of “quantitative and qualitative monetary easing”, aimed at achieving this target at the earliest possible time. In order to do so, under this policy, the BOJ would enter a new phase of monetary easing both in terms of quantity and quality. The BOJ would double the monetary base in two years by conducting money market operations so that the monetary base would increase at an annual pace of about 60-70 trillion yen. The BOJ would also purchase Japanese government bonds (“JGBs”) so that their amount outstanding would increase at an annual pace of about 50 trillion yen, and the average remaining maturity of the BOJ’s JGB purchases would be extended from slightly less than three years at the time to about seven years, which was equivalent to the average maturity of the amount outstanding of JGBs issued. Additionally, the BOJ would purchase exchange-traded funds (“ETFs”) and Japan real estate investment trusts (“J-REITs”) so that their amounts outstanding would increase at an annual pace of about 1 trillion yen and about 30 billion yen, respectively. In October 2014, the BOJ expanded its quantitative and qualitative monetary easing measures to further increase its purchases of JGBs, ETFs and J-REITs to achieve an increase in its purchases of JGBs, ETFs and J-REITs at an annual pace of about 80 trillion yen, 3 trillion yen and 90 billion yen, respectively. In order to maintain momentum towards 2% “price stability target,” in January 2016, the BOJ adopted “quantitative and qualitative monetary easing with a negative interest rate,” under which (i) a negative interest rate of minus 0.1% is applied to a part of BOJ accounts held by financial institutions¹ (if judged necessary by the BOJ, the rate will be lowered even further), (ii) the BOJ will conduct money market operations so that the monetary base will increase at an annual pace of about 80 trillion yen, and (iii) the BOJ will purchase assets as follows: (1) purchase JGBs so that their amount outstanding

¹  More specifically, accounts held by financial institutions are divided into three levels referred to as “basic balance” (a positive interest rate of 0.1% is applied), “macro add-on balance” (a zero interest rate is applied), and “policy-rate balance” (a negative interest rate of minus 0.1% is applied). “Policy-rate balance” is the balance in excess of “basic balance” and “macro add-on balance.”

S-43

will increase at an annual pace of about 80 trillion yen, (2) purchase ETFs and J-REITs so that their amounts outstanding will increase at an annual pace of about 3 trillion yen (decided further expansion to about 3.3 trillion yen and to about 6 trillion yen in April 2016 and July 2016, respectively) and about 90 billion yen, respectively, and (3) maintain the amounts outstanding of commercial paper and corporate bonds at about 2.2 trillion yen and about 3.2 trillion yen, respectively. In September 2016, the BOJ announced a new framework for strengthening monetary easing by adopting a program of “quantitative and qualitative monetary easing with yield curve control”, or QQE with yield curve control, under which the BOJ (i) set guidelines for market operations that specify (1) a short-term policy interest rate (set at the minus 0.1% level adopted in January 2016) and (2) a target level of a long-term interest rate (target yield of the 10-year JGB set at around 0%, to be facilitated through continued BOJ purchases of JGBs) and (ii) introduced new tools of market operations so as to control the yield curve smoothly, consisting of (1) outright purchases of JGBs with yields designated by the BOJ and (2) fixed-rate funds-supplying operations for a period of up to ten years. With regard to asset purchase except for JGB purchases, the BOJ also set the following guidelines: (i) purchase ETFs and J-REITs so that their amounts outstanding will increase at an annual pace of about 6 trillion yen and about 90 billion yen, respectively, and (ii) maintain the amounts outstanding of commercial paper and corporate bonds at about 2.2 trillion yen and about 3.2 trillion yen, respectively. Finally, the BOJ announced its “inflation-overshooting commitment,” under which it will continue with QQE with yield curve control, aiming to achieve the price stability target of 2%, as long as it is necessary for maintaining the target in a stable manner, and will continue to expand the monetary base until the year-on-year rate of increase in the observed CPI (all items less fresh food) exceeds the price stability target of 2% and stays above the target in a stable manner. In July 2018, to maintain strong monetary easing, the BOJ decided to strengthen the framework for continuous strong monetary easing. The BOJ introduced forward guidance for policy rates and announced its intent to maintain the current extremely low levels of short- and long-term interest rates for an extended period of time, taking into account uncertainties regarding economic activity and prices including the effects of the consumption tax hike in October 2019. Also, it was announced that the yields may move upward and downward to some extent mainly depending on developments in economic activity and prices.² In addition, with regard to ETFs and J-REIT unit purchases, the BOJ announced that it may increase or decrease the amount of purchases depending on market conditions. Further, in April 2019, to make its policy to persistently continue with strong monetary easing clearer, the BOJ clarified its forward guidance for policy rates: The BOJ intends to maintain the current extremely low levels of short- and long-term interest rates for an extended period of time, taking into account uncertainties regarding economic activity and prices including developments in overseas economies and the effects of the consumption tax hike.

Furthermore, on March 16, 2020, in response to the adverse impact of the global spread of COVID-19 on the Japanese economy, the BOJ announced its plan to further strengthen its monetary easing policy, including (1) ensuring ample supply of yen funding through active purchases of JGBs and the following measures as well as providing U.S. dollar liquidity, (2) the introduction of special operations to support companies under which the BOJ will extend zero-interest rate loans collateralized by corporate debt as well as increasing the upper limit for its purchases of commercial paper and corporate bonds by 2 trillion yen, resulting in an upper limit for its balance of outstanding commercial paper and corporate bonds of 3.2 trillion yen and 4.2 trillion yen, respectively and (3) an increase in the upper limit for its purchases of ETFs and J-REITs to 12 trillion yen and 180 billion yen, respectively. On April 27, 2020, given the increasingly severe situation due to impact of the spread of COVID-19, the BOJ decided to further enhance monetary easing through (i) an increase in purchases of commercial paper and corporate bonds, to be conducted through the end of September 2020, setting the maximum amounts of additional purchase to 7.5 trillion yen for each asset, (ii) strengthening the BOJ’s Special Funds-Supplying Operations to Facilitate Financing in Response to the Novel Coronavirus (COVID-19), which were introduced and became effective in March 2020, and (iii) further active purchases of JGBs and treasury discount bills. With respect to market operations as well as purchases of ETFs and J-REITs, the BOJ set the following guidelines: (i) a negative interest rate of minus 0.1 percent will be applied to current BOJ accounts held by financial institutions (the short-term policy interest rate); (ii) the BOJ will purchase JGBs without setting an upper limit so that 10-year JGB yields will remain at around 0% (the long-term policy interest rate); and (iii) the BOJ will actively purchase ETFs and J-REITs so that their amounts outstanding will increase at annual

²  In case of rapid increases in the yields, the BOJ will purchase JGBs promptly and appropriately.

S-44

rates of about 6 trillion yen and about 90 billion yen, respectively. On June 16, 2020, the BOJ decided to continue with its monetary easing measures, including the foregoing guidelines regarding market operations and purchases of ETFs and J-REITs announced on April 27, 2020, as well as to extend the period of additional purchase of commercial paper and corporate bonds until the end of March 2021. The BOJ also announced on the same day their measures in response to the impact of COVID-19, including (i) support for corporate financing with a total size of about 110 trillion yen, with additional support through special programs, (ii) unlimited purchases of JGBs and U.S. dollar operations to provide for yen and foreign currency funding to stabilize the financial market, and (iii) purchases of ETFs with an annual pace of about 12 trillion yen.

The following table sets forth the principal economic indicators relating to monetary policy from 2016 through 2020.

							Loans and Bills Discounts Domestically
	Current Account Balances(a)		Monetary Base				Money Stock				Licensed Banks
			Total(a)		Annual % Change		Total(a)		Annual % Change		Total(a)		Annual % Change
	(yen amounts in billions)
2016		290,611		391,421		25.0		936,870		3.4		460,360		2.7
2017		352,883		458,104		17.0		973,993		4.0		475,148		3.2
2018		382,178		491,499		7.3		1,002,453		2.9		488,331		2.8
2019		396,404		509,008		3.6		1,026,992		2.4		500,504		2.5
2020		438,051		555,229		9.1		1,093,628		6.5		524,164		4.7

(a) Average amounts outstanding.

Source: Bank of Japan Statistics, Bank of Japan.

Private Financial Institutions

According to the Financial Services Agency, as of February 17, 2021, the private banking system included four city banks, 13 trust banks, and 16 other banks, as well as 62 1st local banks as of January 1, 2021, 38 2nd local banks as of January 1, 2020 and the Saitama Resona Bank, which is categorized as neither a 1st nor 2nd local bank. In addition, 55 foreign banks had branches in Japan as of February 22, 2021.

There are also credit associations, credit cooperative associations, labor credit associations and the national federations of each of such associations, which are engaged mainly in making small business loans. Agricultural cooperatives, prefectural credit federations of such cooperatives and The Norinchukin Bank operate in the field of agricultural credit.

GOVERNMENT FINANCE

Revenues, Expenditures and Budgets

The responsibility for the preparation of the budget and the administration of government finances rests with the Ministry of Finance. The fiscal year commences on April 1, and the Cabinet usually submits the budget to the Diet for its decision in the preceding January. Supplementary budgets revising the original budget may be submitted to the Diet from time to time during the fiscal year.

S-45

For advancing fiscal consolidation, the Cabinet approved the “Basic Framework for Fiscal Consolidation: Medium-term Fiscal Plan” on August 8, 2013. This plan provided the following targets for achieving fiscal consolidation.

• Halving the primary deficit of the national and local governments to GDP ratio by JFY 2015 from the ratio in JFY 2010 (This target is achieved.);

• Achieving a primary surplus of the national and local governments to GDP ratio by JFY 2020; and

• Steadily reducing the public debt to GDP ratio.

These targets were firmly maintained in the “Basic Policies for the Economic and Fiscal Management and Reform 2015” decided by the Cabinet on June 30, 2015, including “The Plan to Advance Economic and Fiscal Consolidation”, or the fiscal consolidation plan, which the government believes would be an effective and concrete plan for achieving the primary surplus target by JFY2020, covering a five-year period (JFY2016-JFY2020). Under the fiscal consolidation plan, the government was committed to assessing the progress of reforming expenditure and revenue measures by using several benchmarks. However, the actual improvement in the primary balance was slower than the estimate under the “Plan to Advance Economic and Fiscal Revitalization”, or the Revitalization Plan, owing to more moderate growth in tax revenue than the initial assumption due to a decline in economic growth, as well as the impact of the postponement of the consumption tax rate hike to 10% from 8%, and the addition of supplementary budgets. Furthermore, in the “New Economic Policy Package”, the government revised the purposes of use of the tax revenue generated from the consumption tax rate hike in October 2019 to ensure stable fiscal resources in preparation for the human resources development revolution. Due to these factors, it has become difficult to achieve the primary surplus target by JFY2020.

Given the changing population structure including as a result of the aging population and decreasing working population, it is necessary to strengthen the basis for the social security system by the time the baby-boomer generation starts reaching 75 years of age and to ensure establishment of a path for fiscal consolidation by the time every member of the baby-boomer generation reaches 75 years of age. From these viewpoints, the new fiscal consolidation targets were set in the “Basic Policy on Economic and Fiscal Management and Reform 2018” by the Cabinet on June 15, 2018, which aims for a primary surplus of the central and local governments by JFY2025 by steadily implementing economic revitalization and fiscal consolidation measures. At the same time, the government will firmly maintain its aim of steadily reducing the public debt to GDP ratio.

In order to achieve the primary surplus target, the government will implement steadily the expenditure reforms on all fronts in parallel with economic revitalization.

On April 7, 2020, the Prime Minister of Japan announced proposed emergency economic measures in response to the COVID-19 pandemic, which were further revised on April 20, 2020, including (i) measures to prevent the spread of infection and secure resources and infrastructure for medical treatment, (ii) measures to protect employment and support businesses including ensuring the availability of interest-free, unsecured loans, deferral of national taxes and social security premiums for affected businesses and cash payments to all residents in Japan and small and medium-sized businesses affected by COVID-19, (iii) demand stimulus measures to be implemented after the pandemic is contained targeting affected industries such as tourism, transportation, food services and entertainment as well as regional economic development, (iv) measures to develop a resilient economic structure including support for development of business supply chains, support for agricultural exports and domestic supply and promotion of digital technologies in education and business and (v) securing contingency funds to address COVID-19. In connection with these measures, the Japanese government approved a supplementary budget on April 30, 2020, which includes an additional ¥25.7 trillion in budgeted spending that is planned to be financed through the issuance of additional government bonds. On June 12, 2020, a second supplementary budget was approved to expand the budgeted spending by an additional ¥31.9 trillion.

S-46

The fiscal and financial operations of the government and its agencies are budgeted and recorded in the following three sets of accounts:

• General Account. The general account is used primarily to record operations in basic areas of governmental activity.

• Special Accounts. The accounts of the central government consist of the general account and special accounts. Special accounts can be set up to carry out specific projects, to manage specific funds, and for other purposes. Special accounts can be set up when the government (i) implements a specific program such as insurance and public works, (ii) possesses and manages special funds such as Fiscal Loan Program Funds and Foreign Exchange Funds, and (iii) uses a certain revenue to secure a special expenditure and thus needs to deal with such revenue and expenditure on a separate basis from the general revenue and expenditure such as Local Allocation and Local Transfer Tax and Government Bonds Consolidation Funds. As of November 9, 2020, the government had 13 special accounts.

• Government-Affiliated Agencies. The government-affiliated agencies are government-owned corporations which consist of three financial corporations.

The following tables set forth information with respect to the General Account, the Special Accounts and the Government Affiliated Agencies for JFY 2015 through JFY 2020, and the budget for JFY 2021.

Summary of Consolidated General and Special Accounts^(a)

	JFY 2015		JFY 2016		JFY 2017		JFY 2018		JFY 2019		JFY 2020 (Provisional results as of December 31, 2020)		JFY 2021 Initial Budget
	(in billions of yen)
REVENUES
Total Revenues, General Account	¥	102,175	¥	102,774	¥	103,644	¥	105,697	¥	109,162	¥	182,266	¥	106,610
Total Revenues, Special Accounts		402,884		410,161		386,487		381,177		386,552		429,722		495,725
Less: Inter-Account Transactions(b)		257,143		253,522		245,402		243,007		244,423		254,786		306,085
Total Consolidated Revenues	¥	247,917	¥	259,413	¥	244,729	¥	243,868	¥	251,292	¥	357,202	¥	296,250
EXPENDITURES
Total Expenditures, General Account	¥	98,230	¥	97,541	¥	98,116	¥	98,975	¥	101,366	¥	181,360	¥	106,610
Total Expenditures, Special Accounts		386,214		395,361		374,150		368,936		374,170		422,840		493,699
Less: Inter-Account Transactions(b)		255,695		251,842		242,877		241,249		242,631		252,193		304,162
Total Consolidated Expenditures	¥	228,749	¥	241,061	¥	229,389	¥	226,661	¥	232,905	¥	352,007	¥	296,147
Surplus of Consolidated Revenues over Consolidated Expenditures	¥	19,167	¥	18,353	¥	15,340	¥	17,206	¥	18,387	¥	5,195	¥	103

(a) Because of the manner in which the government accounts are kept, it is not practicable to show a consolidation of the Government Affiliated Agencies with the General and Special Accounts.

(b) Inter-Account Transactions include transfers between the General Account and the Special Accounts, transfers between the Special Accounts, and transfers between sub- accounts of the Special Accounts.

Source: Budget, Ministry of Finance.

S-47

General Account

	JFY 2015		JFY 2016		JFY 2017		JFY 2018		JFY 2019		JFY 2020 Revised Budget(a)		JFY 2021 Initial Budget
REVENUES
Tax and Stamp Revenues	¥	56,285	¥	55,468	¥	58,787	¥	60,356	¥	58,442	¥	55,125	¥	57,448
Carried-over Surplus		5,866		3,945		5,232		5,528		6,723		1,218		—
Government Bond Issues		34,918		38,035		33,555		34,395		36,582		112,554		43,597
Income from Operations		45		47		50		51		51		50		52
Gains from Deposition of Assets		349		384		278		268		226		238		245
Miscellaneous Receipts		4,712		4,895		5,741		5,098		7,139		6,503		5,267
Total Revenues	¥	102,175	¥	102,774	¥	103,644	¥	105,697	¥	109,162	¥	175,688	¥	106,610
EXPENDITURES
Local Allocation Tax Grants, etc.	¥	16,801	¥	15,339	¥	15,567	¥	16,026	¥	16,032	¥	16,256	¥	15,949
National Debt Service		22,464		22,086		22,521		22,529		22,286		23,025		23,759
Social Security		31,401		32,208		32,521		32,569		33,501		44,179		35,842
Public Works		6,378		6,710		6,912		6,913		7,610		9,269		6,069
Education and Science		5,571		5,598		5,703		5,748		5,911		9,377		5,397
National Defense		5,130		5,150		5,274		5,475		5,627		5,676		5,324
Former Military Personnel Pensions		387		335		286		241		202		175		145
Economic Assistance		661		743		651		642		653		790		511
Food Supply		1,276		1,140		1,181		1,122		1,121		1,843		1,277
Energy		968		973		969		973		1,049		1,024		889
Promotion of SMEs		340		430		319		525		779		26,177		175
Miscellaneous		6,854		6,830		6,211		6,212		6,596		27,747		5,773
Contingency funds for measures against the COVID-19												9,650		5,000
Contingencies		—		—		—		—		—		500		500
Carryback of settlement deficit compensation for JFY 2008		—		—		—		—		—		—
Total Expenditures	¥	98,230	¥	97,542	¥	98,116	¥	98,975	¥	101,366	¥	175,688	¥	106,610
Surplus of Revenues over Expenditures	¥	3,945	¥	5,232	¥	5,528	¥	6,723	¥	7,796	¥	—	¥	—

(a) As of the date of this Supplement, details for the provisional results for JFY 2020 General Accounts are not available. Reflects the revised budget for JFY 2020 approved by the Diet on January 28, 2021.

Source: Budget, Ministry of Finance.

S-48

Special Accounts

	JFY 2015				JFY 2016				JFY 2017				JFY 2018				JFY 2019				JFY 2020 Revised Budget(a)				JFY 2021 Initial Budget
	Rev.		Exp.		Rev.		Exp.		Rev.		Exp.		Rev.		Exp.		Rev.		Exp.		Rev.		Exp.		Rev.		Exp.
	(in billions of yen)
Fiscal Investment and Loan Program	¥	33,360	¥	32,503	¥	42,124	¥	41,166	¥	28,207	¥	27,409	¥	26,070	¥	25,175	¥	28,484	¥	27,873	¥	53,912	¥	53,814	¥	72,898	¥	72,624
Government Bonds Consolidation Fund		201,927		198,309		198,994		195,911		191,227		188,134		186,158		183,082		186,970		183,878		191,860		191,860		264,789		246,789
Foreign Exchange Fund		3,163		46		2,948		70		2,808		70		3,101		85		3,599		160		3,154		982		2,465		1,079
Local Allocation and Local Transfer Tax		55,638		53,398		53,577		52,590		52,517		51,780		52,483		51,596		51,985		51,488		51,762		51,325		51,982		51,805
Measure for Energy		8,993		8,363		9,608		9,082		10,191		9,742		10,613		10,158		10,887		10,377		14,428		14,428		14,054		14,054
Pensions		85,293		81,705		90,142		85,786		90,158		87,413		91,700		89,464		93,209		90,919		95,293		95,293		96,512		96,512
Stable Supply of Foodstuff		1,095		975		940		820		979		842		970		814		968		851		1,273		1,267		1,225		1,216
Debt Management of National Forest and Field Service		321		321		329		329		342		342		349		349		356		356		363		363		362		362
Trade Reinsurance(b)		59		21		37		12		—		—		—		—		—		—		—		—		—		—
Automobile Safety		567		403		606		426		625		431		672		451		684		500		595		514		530		453
Labor Insurance		6,880		6,330		6,296		5,941		6,040		5,656		6,073		5,735		6,371		5,928		10,595		10,458		7,685		7,609
Reconstruction from the Great East Japan Earthquake		5,134		3,710		4,105		2,961		2,924		2,188		2,532		1,868		2,587		1,677		1,687		1,687		932		932
Others		452		131		456		267		469		143		456		158		247		157		340		289		291		264
Total Revenues and Expenditures(c)	¥	402,884	¥	386,214	¥	410,162	¥	395,361	¥	386,487	¥	374,150	¥	381,177	¥	368,936	¥	386,552	¥	374,170	¥	425,263	¥	422,281	¥	495,725	¥	493,699

(a) As of the date of this Supplement, details for the provisional results for JFY 2020 Special Accounts are not available. Reflects the revised budget for JFY 2020 approved by the Diet on January 28, 2021.

(b) The account was abolished effective JFY 2017.

(c) Without adjustment for inter-account transactions. Total Revenues and Expenditures may differ from the actual totals of the listed accounts due to rounding.

Source: Budget, Ministry of Finance.

S-49

Government Affiliated Agencies

JFY
2015 JFY
2016 JFY
2017